Shikhar Insurance Company Limited (SICL) is convening its 12
th Annual General Meeting (AGM) today (Poush 8, 2073). The AGM is going to be held at the company’s central office. Shikhar Biz Center, Thapathali, Kathmandu at 11:00 AM.
The main agendas of the AGM are:
- To approve 60% stock and 3.15789 % cash dividend for tax purpose as proposed by BOD and increase issued and paid up capital.
- To authorize BOD for increment and decrement of share.
- After 60% bonus share, the company will float Further Public Offering (FPO) worth Rs 13.60 crore (13.60 lakh units shares ) at premium price to increase paid up capital to make the existing promoter public share structure from 70:30 to 60:40.
- To increase the allowance of BOD committee and subcommittee.
- To discuss on the salary of Chief Executive Officer.
- To endorse the expenses done under Corporate Social Responsibility (CSR).
- To authorize BOD for necessary amendments in Article of Association.
Other agendas of the AGM include financial highlights of FY 2072/73, appointment of auditor and election of one BOD member from public shareholders group.
Shikhar Insurance had earned net profit of Rs 8.70 crore in the first quarter of current fiscal year 2073/74.
Shikhar Insurance Company had floated its Further Public Offering (FPO) of 5, 10,988 units shares to make its promoter and ordinary shareholders share structure at 70:30 ratio. Again, the company will be floating FPO to convert its share structure at 60:40.
Below is the table showing the calculated Promoter Public share structure ratio from 70:30 to 60:40 and calculation of amount of FPO needed to make the share structure as mentioned by the company.
| Existing Capital |
509,897,300 |
|
|
| Promoter (70%) |
356,928,110 |
| Public (30%) |
152,969,190 |
| Total Capital |
509,897,300 |
| After 60% Bonus Share |
|
|
| Promoter (70%) |
571,084,976 |
| Public (30%) |
244,750,704 |
| Total Capital |
815,835,680
|
| After FPO of 13.60 lakh units |
| Promoter (60%) |
571,084,976 |
| Public (40%) |
380,750,704 |
| Total Capital |
951,835,680 |
