Sagarmatha Insurance to approve 23.75% stock dividend; 19th AGM today

Sagarmatha Insurance Company Limited (SIC) is convening its 19^th Annual General Meeting (AGM) today (Ashad 28, 2073). The AGM is going to be held at Trade Tower Nepal, Thapathali, Kathmandu at 11: 00 AM. . Main agendas of the AGM are:

• To endorse 23.75 percent bonus shares and 1.25 percent cash dividend from the net profit it earned from the fiscal year 2071/72.
• To increase authorized capital from Rs 50 crore to Rs 1 arba 50 crore and also to increase issued capital from existing 40 crore to Rs 1 arba and amend the article of association accordingly.
• To add Sub-Clause 4 under clause 5 of article of association stating that the company can issue shares in premium price.
• After the amendment of article of association authorized BOD to take necessary procedure to issue shares at premium price.
• To endorse help provided to earthquake victim of Rs 15 lakh as apart of corporate social responsibility.
• Authorized BOD to amend article of association as directed by concern authorities.

Other agendas of the AGM include financial highlights of 2071/72 and appointment of auditor. Only those shareholders owning shares till Ashad 15, 2073 is entitled to the dividend of the company. The register of their shareholders has been closed from Ashad 16, 2073 till Ashad 28, 2073 for the purpose of its AGM. SIC had earned net profit of Rs 10.65 crore in the third quarter of the fiscal year 2072/73. It’s paid up capital remains at Rs 35.65 crore. After distributing 23.75 percent bonus share it’s paid up capital will reach to Rs. 44.11 crore.