Sagarmatha Insurance’s AGM Endorsed the Agenda for Merger with Lumbini General

Kathmandu: The 26th Annual General Meeting of Sagarmatha Insurance Limited endorsed the agenda of stock and cash dividends distribution from the profit of the financial year 2078-79. The AGM was held at Lainchaur Banquet, Kathmandu on Thursday and endorsed the agenda to distribute 12.40 percent stock dividends and 0.6526 percent cash dividends from the retained earnings till FY 2078-79.

Also, the meeting has passed all the proposals related to the merger with Lumbini General Insurance. The AGM also passed the agenda to convert 20 percent of shares to public shares out of the 51 percent share held by the Nepalese promoters’ group in the company. The insurer is a joint venture with Sri Lankan Ceylinco Insurance Plc. Ceylinco holds a 20 percent stake in Sagarmatha Insurance. The current shareholding of the promoter to public shareholders is 71:29 percent. In addition, the annual report of the last fiscal year 2078-79, balance sheet, profit and loss account, cash flow, and other financial statements of the same year have been discussed and passed by the AGM.

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