Share Trading of PRIN Resumes After NEPSE's Approval

The securities trading of Prabhu Insurance Company Limited (PRIN) resumed after the Nepal Stock Exchange's approval.

In a press release issued by the latter today, it stated that despite the decision of PRIN's board of directors meeting to issue right shares in the ratio 1:0.65 on Ashad 27, 2080; the information of the same was made available to NEPSE at a delayed date.

For the same, NEPSE halted the share trading of the listed company in the stock exchange, demanding an explanation of the matter within a three-day deadline.

READ MORE: PRIN's Share Trading Halted; NEPSE Requests Explanation Within Three Days

According to NEPSE, PRIN's BOD meeting had decided to approach the Nepal Insurance Authority seeking in-principle approval for the proposal of right shares, and an application was submitted requesting the aforementioned. The non-life insurance company explained that the regulatory body Nepal Insurance Authority holds the final discretion in the pending approval.

Therefore, the decision is yet to be finalized.

Thereafter, the securities trading of the company has been, based on its commitment to refrain from such instances in the future.