Sagarmatha Insurance 21st AGM on Poush 21; no dividend from the net profit of FY 2073/74

Sagarmatha Insurance Company Limited (SIC) will be convening its 21^st Annual General Meeting (AGM) on Poush 21, 2074. The AGM is going to be held at Amrapali Banquet, Bhatbhateni, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• To increase authorized and paid up capital of the company.
• To amend the Memorandum of Association (MOA) and Articles of Association (AOA).

Other agendas of the AGM are major financial highlights of the FY 2073/74 and appointment of auditor for the FY 2074/75. The book closure date for the AGM has been set from Poush 7 to Poush 21, 2074. Thus shareholders holding their shares till Poush 6, 2074 i.e. one day ahead of the book closure date are eligible to participate in the AGM. The board meeting of the insurance held in Kartik 27, 2074 decided not to provide any dividend to its shareholders from the net profit it had earned in the FY 2073/74. SIC had distributed 22% bonus and 1.15% cash dividend from the net profit of FY 2072/73. SIC has paid up capital of Rs 53.82 crore.  As per the new guideline, non-life insurance companies should have a minimum paid up capital of Rs 1 arba by the end of FY 2074/75. It should hike its capital by Rs 46.18 crore (around 85%). It had earned Rs 3.26 crore in the first quarter of the FY 2074/75. Announcement: