Nepal Insurance to Distribute 8 percent Stock Dividends, Agenda for Merger Endorsed by AGM

Kathmandu: The 74th Annual General Meeting of Nepal Insurance Company has endorsed the special agenda of a stock dividend of 8 percent. The board of directors(BODs) of the company had proposed an 8% stock dividend of the paid-up capital of Rs. 1.37 billion which equates to Rs. 113 million.

The house has also discussed and passed the annual report of the BODs for the financial year 2078-79. Similarly, the audit report for the financial year 2078-79 along with the balance sheet, profit and loss account, and cash flow statement, and related schedules have also been discussed and passed. Similarly, for the audit of the current financial year 2079-80, a resolution has been passed to appoint an auditor and fix his remuneration according to the recommendation of the Audit Committee. The company has authorized the BODs to proceed with all the necessary procedures for the merger.

Following the instructions of the Nepal Insurance Authority, the company has initiated the necessary procedures for merger/acquisition to meet Rs. 2.5 billion paid-up capital by the end of Chaitra 2079.

The company is planning to construct a new building at the location of its former corporate office in Ward No. 28 Kamaladi, Kathmandu. The company owns the old office buildings at Sripur Birgunj and New Road Kathmandu. The company also plans to construct its own building on the land owned in Narayanghat and Biratnagar.

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