Siddhartha Insurance (SIL) Declares 9% Bonus Dividend for Fiscal Year 2078/79; Calls AGM on 29th Poush

Siddhartha Insurance Limited (SIL) has called its 21th AGM on 29th Poush, 2079. The meeting will be held in the Bhrikuti Mandap, Nepal Tourism Board, Kathmandu. The AGM will commence at 11 am that day.

Among other agendas, the AGM will endorse the 9.4737% dividend for the fiscal year 2078/79.

The meeting of the board of directors held on Poush 7 has proposed a 9% bonus shares and 0.4737 % cash dividend (for tax purpose) from the paid-up capital for the fiscal year 2078/79. The dividend will be distributed from the paid-up capital of Rs. 1.28 Arba. Thus, the bonus shares amounting to Rs. 11.59 crores and cash dividend amounting to Rs. 61.01 Lakh will be distributed.

Earlier the company had proposed 9.4737 percent all cash dividend (including tax) for the financial year 2078/79.

However, after the proposal was submitted to the Nepal Insurance Authority for approval, the authority approved the financial statement for the financial year 2078/79 with the condition that instead of cash dividends, both bonus shares and cash dividends for tax purposes should be declared.

Hence, in accordance with the conditions of the authority, the company amended the dividend.

Poush 18 is the book closure date. Thus, investors maintained before that day are entitled to the dividend payout and can also attend the AGM. As of writing, the LTP of the company stands at Rs. 483.10.

Also, Siddhartha Insurance Company and Premier Insurance Company Nepal have inked a merger agreement in a share swap ratio of 1:1.