Kathmandu: Neco Insurance Limited (NIL) has announced the dividend to be distributed to the shareholders from the profit of the last financial year 2078-79. The insurance company has announced the distribution of a stock dividend of 15 percent of the paid-up capital and a cash dividend of 0.79 percent for the tax against the stock and cash dividend.
It has a paid-up capital of Rs.1,749,879,000. The company needs an additional Rs.750,121,000 to meet the minimum regulatory paid-up capital.
The meeting of the board of directors(BODs) of the insurance held on the 18th of Mangsir, 2079 has proposed to distribute the dividend. In the last financial year also, the insurance had distributed stock dividends at the same rate.
The dividend will be distributed after approval from the Nepal Insurance Authority and endorsed by the upcoming Annual General Meeting.