Siddhartha Insurance 16th AGM on Kartik 29; to endorse 20% bonus & 35% right shares

Siddhartha Insurance Limited (SIL) will be convening its 16^th Annual General Meeting (AGM) on Kartik 29, 2074. The AGM is going to be held at Nepal Tourism Board, Kathmandu at 11:00 AM. The main agendas of the AGM are:

• To endorse 20% bonus shares and 1.053% cash dividends from the net profit of FY 2073/74.
• To endorse 35% right shares.
• To amend 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 Kartik 15 to Kartik 29, 2074. But only those shareholders holding their shares till Kartik 14, 2074 are eligible to participate in the AGM and proposed dividend. Siddhartha Insurance had earned Rs  22.13 crore in the fourth quarter of the fiscal year 2073/74. SIL has proposed the said bonus on its current paid up capital of Rs 53.45 crore including its recently floated 19.23% right share. After issuance of 20% bonus share, its paid up capital will reach Rs 64.15 crore and after issuance of  further 35% right share its capital will reach 86.60 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 and SIL will meet the requirement after issuance of bonus and right share.