Nepal Life Insurance 16th AGM today; to approve 25% stock dividend; FPO issue of 30.96 lakhs unit is in pipeline

Nepal Life Insurance Company Limited (NLIC) is convening its 16th Annual General Meeting (AGM) today (Jestha 7, 2073). The AGM is going to be held at Hotel Viswa , Birgunj, Parsa at 09:30 AM. Main agendas of the AGM are:

• To approve 25 percent bonus share and 1.3158 percent cash dividend (for tax purpose) from the net profit it earned from the fiscal year 2071/72.
• At present the promoter public ratio of NLIC stands at 80:20. To maintain at least 30% stake of public shareholders the company is issuing Further Public Offering (FPO) to convert promoter public shareholder structure to 70:30. To make the structure in the ratio 70:30, 30 percent   (30.96 lakh unit) shares to be floated to general public after bonus share is issued.
• To authorize BOD to complete the overall process related to the Further Public Offering (FPO).
• To increase issued and paid up capital, after issuing bonus share and floating 30 percent FPO to general public, and also, amend article of association accordingly.
• To endorse expenses of donation.

  Other agendas of the AGM include financial highlights of 2071/72, election of 1 BOD member from public shareholder, appointment of auditor and to appoint members from promoter group in the vacant position. Only those shareholders owning shares till Baisakh 15, 2073 is entitled to the 25 % bonus share of the company. The register of their shareholders has been closed from Baisakh 16, 2073 till today for the purpose of its AGM. Nepal Life Insurance earned net profit of Rs 238.03 million  in its third quarter of the fiscal year 2072/73.