Siddhartha Insurance 13th AGM on Ashad 18; to endorse 10% stock dividend

ShareSansar June 10:

Siddhartha Insurance Company Limited (SIL) will be holding its 13 AGM on 18 Ashad. The AGM will be held at Amrit Bhoj Complex Kalikasthan, Dillibazar from 11 am.

The AGM is set to endorse 10% stock dividend to its existing shareholders. The meeting will also be endorsing conversion of 9% promoter shares to the ordinary shares.

If the proposal of conversion the promoter shares to the ordinary shares is endorsed from the AGM, the promoter shares to ordinary shares ratio of the bank will stand at 51:49 percent.

Earlier, the BOD meeting of Siddhartha Insurance Limited (SIL) has proposed 10 percent stock dividend and 16.315 percent cash dividend to its shareholder from its net profit earned last year but because of the  destruction caused by the devastating earthquake has drastically increased liabilities of the insurance companies and Insurance Board  have barred them from distributing cash dividends.

The others agendas at the meeting will be the financial highlights of 2070/71 appoint of auditor and to elect 3 BOD members from promoter shareholders.