NLG Insurance’s shareholders to receive 10 percent stock dividends

Kathmandu: The shareholders of NLG Insurance will receive a total of 10.5263 percent dividends including 10 percent stock dividends from the profit of the last financial year 2078-79. The 17th annual general meeting of the insurer concluded today at Amrapali Banquet and endorsed the agenda of dividends distribution for the last FY.

After the distribution of stock dividends, the paid-up capital of the company will reach NPR 1,45,92,75,791. The House approved the proposal to increase the authorized capital of the company from NPR 1.50 billion to NPR 3 billion.

The AGM also discussed and passed the annual report for the FY 2078-79, the audited balance sheet, the profit and loss account, cash flow statement for the last FY. The House passed a resolution to appoint an auditor for the current FY 2079-80 and fix the remuneration by section 111 of the Companies Act 2063.

The AGM endorsed the resolution to authorize the board of directors to make necessary amendments to the articles of association and memorandum of association in coherence with the instruction from the regulatory body. The House approved the appointment of an independent director nominated by the BODs.

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