Kathmandu: The sixth annual general meeting of Wealth Management and Merchant Banking Limited has been concluded on Friday at Hotel Crown Imperial, Kathmandu. The AGM has passed the report of the Board of Directors for the Fiscal Year 2077/078 and also discussed and passed the annual financial statements including balance sheet, profit and loss account and cash flow statement up to FY 2077/2078.
The meeting also passed a resolution to distribute a cash dividend of Rs.37,50,000 which equals to 7.5 percent ( including Tax) of paid up capital.
Similarly, the meeting also passed a proposal to appoint an auditor for 2078/79 and to fix his remuneration, to amend the MoA and AoA of the company.
The meeting also passed a resolution to change the name of Wealth Management and Merchant Banking Limited to Asian Capital Limited.
Sachin Silwal, Murari Raj Humagai from Asian Life and Shilpa Pradhanang from Guheshwari Merchant Finance Limited have been appointed in the Board of Directors.
Asian Life Insurance Company owns 51 percent stake in Wealth Management and Merchant Banking Limited.WMMB became the first subsidiary of Asian Life in the insurance sector
Wealth Management and Merchant Banking Ltd., which is currently providing investment management and deposit service ‘DP’, aims to strategically pursue the main objective of providing other merchant banking services with the approval of the regulatory body in the future.