Kathmandu: The shareholders of Asian Life Insurance are left empty handed since last two fiscal years. But a group of promoters are involved in fulfilling their vested interest manipulating in the secondary market.
Asian Life has not paid a penny to its shareholders since fiscal year 2074/75 onwards.
The AGM of 2075/76 has been scheduled for 15 August 2021.But there’s no agenda for dividend or bonus share distribution to the shareholders. Though the company had made profit during FY 75/76, the profits retained by the BOD.
As per the notice of AGM of FY 75/76, there’s an agenda of conversion of 10 percent share from promoters share to public share. As per the current paid up capital, the promoters to public share holding ratio is 70:30. Now, after the conversion the ratio will be 60:30. The current paid up capital is Rs.2.01 billion.
Immediately after the conversion to public share, it is learnt that the promoters will announce the issue of right shares.With the tips provided by a group of promoters,the secondary market is already flooded with the rumours of right share issuance during the AGM of 76/77, though nothing official has been announced yet.
But due to the demand supported by the market rumours of right shares issue, the price of its IPO in the secondary market is quite high.
Selling the shares that have been converted to the public from the secondary market is ten times more profitable. Using the legal loophole, the promoters are found more interested in share trading than doing it’s real business.
The company has yet to audit and hold a AGM for the FY 2076/77. Even another FY 2077/78 has been completed.
The proposed AGM will elect four members from the promoters group, two members from the public shareholders and one independent expert director for the BOD.
