Nepal Re’s 7th AGM Endorses Proposal for 5 Percent Stock Dividend

Kathmandu. The seventh annual general meeting of Nepal Reinsurance Company has endorsed the proposal to distribute 5.2632 percent dividend from the profit of fiscal year 2077-78. Out of the total dividend declared, 5 percent stock dividend and 0.2632 percent cash dividend for tax purposes will be distributed.

The company had closed the book on Bhadra 19, 2079 for the purpose of AGM and dividend distribution. The AGM has discussed and endorsed the annual report of the board of directors for the FY 2077-78. The balance sheet of 2077-78 with the auditor’s report, the profit and loss account and cash flow statement of the financial year ended on the same date and the schedules related to the financial statement of the same period have been discussed and endorsed by the AGM.

According to Section 111 of the Companies Act, 2063, the Assembly has appointed TR Upadhyay & Company, Chartered Accountants, Baneshwar, Kathmandu as external auditors for the financial audit of FY 2078-79 and fixed the remuneration.

Similarly, the meeting has approved the appointment of an independent director by the board of directors. Further, the expenses made on corporate social responsibilities has also been approved by the AGM.

In the meeting, a proposal has been submitted to the board of directors to authorize the board of directors to make the necessary changes in the proposed amendment of the company’s articles of association based on the suggestions received from the government of Nepal or the regulatory bodies.

Currently, the paid up capital of the company is Rs. 11.65 billion. The paid up capital will reach Rs. 12.23 billion rupees after the distribution of the proposed stock dividend of Rs. 582.5 million. Last year, the company had distributed 16.50 percent stock dividend from the accumulated profit of FY 2076-77.

Government of Nepal has major stake in Nepal Re-insurance.

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