API Power Company Limited Unveils Book Closure Date; Calls AGM on Kartik 11

API Power Company Limited (API) has announced the convening of its Annual General Meeting (AGM) after amending its previously declared dividend of 9.5135 percent, due to the lack of approval from the Electricity Regulatory Commission. The AGM is scheduled for 11th Kartik, 2081, at Hotel Crystal Pashupati, Gaushala, Kathmandu, commencing at 11 AM.

The company will now distribute 5 percent bonus shares alongside a 0.2632 percent cash dividend intended for tax purposes. This distribution will come from the previously declared 9.5135% of the company’s paid-up capital, with the remaining 4.2503% retained as the company's reserve fund and share premium.

During the meeting, shareholders will vote on important resolutions, including granting the board the authority to amend the company’s memorandum and articles of association. The company aims to maintain full ownership of its subsidiary, API Infra Limited and plans to acquire a majority stake in Latinath Power Company to further develop the Nwagad Small Hydropower Project and the Darchula Power Company for the Mid-Chamelia Hydropower Project. Additionally, the AGM will discuss the investment in Surya Kunda Hydro Electric Limited to complete the construction of the Upper Tadi River Hydropower Project.

An important aspect of the AGM will be the election of five directors, which includes one woman and one independent director, selected from the company's shareholders.

The book closure for the proposed dividend and AGM is on Kartik 2, 2081. Therefore, the shareholders maintained till 1st Kartik are entitled to dividend payout and can attend the AGM.

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