NLG Insurance Company Calls 18th AGM to Endorse 5.78% Dividend; When's the Book Closure?

NLG Insurance Company Limited (NLG) has called its 18th AGM on 3rd Falgun, 2080. The meeting will be held in Amrapali Banquet, Baluwatar, Kathmandu, starting from 11:00 AM that day.

Among the other agendas, the AGM will endorse a 5.78947% dividend for the fiscal year 2079/80. The 422nd meeting of the board of directors held on Poush 29 decided to distribute the dividend on the paid-up capital of Rs. 1,45,92,75,791. 5.5% bonus shares worth a little over Rs. 8.02 crores and 0.28947% cash dividend (for tax purposes) worth Rs. 42.24 lakhs have been proposed.

Furthermore, an agenda is to endorse the auditor's report with PL statements, financial reports, and cash flow reports and appoint an auditor for the fiscal year 2080/81.

The Securities Exchange Board of Nepal (SEBON) has added the right shares of NLG Insurance Company Limited (NLG) to its pipeline under preliminary review. The non-life insurance company is looking to issue 66% right shares worth Rs. 96.31 Crores through the issue of 9,631,220.22 (10:6.6) units of right shares to its existing shareholders.

However, with the issuance of the proposed right shares, equivalent to Rs. 96.31 Crores, the paid-up capital will only reach Rs. 2.42 Arba, which falls short of the regulatory authority's directive to reach Rs. 2.50 Arba by the end of Ashad, 2080. To bridge the shortfall, NLG Insurance Company is planning to supplement the remaining amount through the issuance of bonus shares to increase its paid-up capital to Rs. 2.5 Arba.

The book closure date is on Magh 25. Therefore, the shareholders maintained before that day are entitled to dividend payout and can attend this AGM.

AGM Notice: