Lumbini General Insurance and Sagarmatha Insurance Company Calls 18th & 26th AGM on Falgun 11 to Endorse Dividend and Share Swap Ratio for Merger
Thu, Feb 2, 2023 10:53 AM on Latest, Dividend, Bonus & Rights, AGM/Special AGM, Book Closure, Merger/Acquistion,
Lumbini General Insurance Limited (LGIL) and Sagarmatha Insurance Company Limited (SIC) have called their 18th AGM and 26th AGM on 11th Falgun, 2079 respectively. The meeting of LGIL will be held in Amritbhog Catering, Kaliskasthan whereas the meeting of SIC will be held in Lainchaur Banquet, Lainchaur. Both the meetings will start at 10 AM that day.
Among other agendas, the AGMs will pass a resolution regarding evaluating and endorsing the Due Diligence Audit, Memorandum of Understanding, and Scheme of Arrangement and endorse a share swap ratio of 100: 80 for a merger between Lumbini General Insurance & Sagarmatha Insurance. The meeting will also approve a proposal to start the joint transaction under the name "Sagarmatha Lumbini Insurance Company" after the successful merger.
Furthermore, LGIL will endorse the AGM will endorse 6.99% bonus shares worth Rs. 9.17 Crore and a 0.3679% cash dividend worth Rs. 48.29 crores on the paid-up capital of Rs. 1.31 Arba for the fiscal year 2078/79. In contrast, SIC will endorse 12.40% bonus shares and 0.6526% cash dividend on the paid-up capital of Rs. 1.33 Arba. As the companies' capital will increase after the issuance of bonus shares, pass the resolution to amend the Articles of Association accordingly.
The book closure date for both companies' AGM is on Magh 27. Therefore, the shareholders maintained before that are entitled to dividend payout and can attend respective AGMs.
