Neco Insurance Company Calls AGM on Magh 15; Company to Endorse 15.79% Dividend

Neco Insurance Company Limited (NIL) has called its 27th AGM on 15th Magh, 2079. The meeting will be held in the Lisara Receptions, Naxal, Kathmandu, starting at 11 AM.

Among the other agendas, the AGM will endorse a 15.79% dividend for the fiscal year 2078/79. The 434th meeting of the board of directors held on Mangsir 18 decided to distribute the dividend on the paid-up capital. 15% bonus shares and 0.79% cash dividend (including tax) have been proposed. Thus, the bonus shares are worth Rs. 26.24 crores, and the cash dividend is worth slightly over Rs. 1.38 crores. The current paid-up capital of the company is Rs. 1.749 Arba.  The paid-up capital will only increase to about Rs. 2.012 Arba even after the adjustment of the proposed bonus shares, which is still below the statutory threshold set by the Insurance Board to reach Rs. 2.5 Arba by the end of Chaitra 2079.

Furthermore, there is an agenda to endorse the auditor's report with PL statements, financial reports, and cash flow reports and appoint an auditor for the fiscal year 2079/80.

The book closure date is on Magh 03. Thus, shareholders maintained before that day are entitled to the dividend payout and can also attend this AGM.

AGM Notice