Prime Life Insurance 7th, 8th,9th & 10th AGM today; to endorse 25% bonus & 160% right share

Prime Life Insurance Company Limited (PLICL) is convening its 7^th , 8^th 9^th and 10^th Annual General Meeting (AGM) today (Bhadra 27, 2074). The AGM is being held at Agrawal Bhawan, Kamalpokhari, Kathmandu at 11 AM. The main agendas of the AGM are:

• To endorse 25% bonus share and cash dividend worth Rs 57,28,982 to its shareholders from the profits it earned in FY 2069/70, 2070/71, 2071/72 and 2072/73.
• To endorse 1:1.60 (160%) right share to its shareholders after issuance of bonus share.
• To increase its authorized capital up to Rs 2.50 arba.
• To elect total of 7 BOD members, 4 directors from public shareholders group, 2 independent director and 1 promoter director.
• To approve meeting allowances of BOD members.
• To endorse expenses made as part of its Corporate Social Responsibility (CSR) program.
• To provide authority to transfer share and amend article of association accordingly.
• To amend Article of Association and Memorandum of Association as per directions received from regulatory authorities.

Other agendas of the AGM are endorsement of financial statements of FY 2069/70, 2070/71, 2071/72 and 2072/73, and appointment of auditor for FY 2071/72 and 2072/73. The register of their shareholders has been closed from Bhadra 14 to Bhadra 27, 2074 for the purpose of this AGM. Only those shares traded one day ahead of the book closure date i.e. within Bhadra 13, 2074 are eligible for bonus share and for participation in the AGM. A separate book closure notice will be published for the right shares. PLIC had earned Rs 15.87 crore in the fourth quarter of the fiscal year 2073/74. After the issuance of 25% bonus share, its paid up capital will reach Rs 61.01 crore from existing Rs 48.81 crore. Likewise, after issuance of 160% right share its capital will reach Rs 1.58 arba.   As per Insurance Board’s directive for all life insurance companies to increase their paid up capital to a minimum of Rs 2 arba by the end of FY 2074/75, PLIC should further increase its capital by around Rs 42 crore (26.58%).