Prabhu Mahalaxmi Life Insurance Calls AGM On 23rd Ashwin; Agenda To Endorse 10.526% Dividend And 7% Right Shares

Prabhu Mahalaxmi Life Insurance Company Limited (PMLI) has called its 7th AGM on 23rd Ashwin, 2081.

These are the agendas of the AGM:

1) Endorse the annual report of the fiscal year 2079/80.
2) Endorse the auditor's report with PNL statements, financial reports, and cash flow reports.
3) Appointment of the auditor and determination of their remuneration for the fiscal year 2080/81.
4) To approve the appointment of independent directors.
6) To provide the authority to the board of directors to make necessary amendments to the company's regulations and articles of association, if there is a need to make any linguistic changes.

The 16th Board of Directors meeting on Bhadra 7 has decided to distribute a 10% bonus share and a 0.526% cash dividend (including tax) has been proposed. The company has resolved to issue 7% right shares after adjusting for the allocation of 10.526% bonus shares from the existing paid-up capital of Rs. 4.29 Arba. This adjustment will result in an enhanced paid-up capital, reaching Rs. 4.72 Arba after incorporating the bonus shares.

Despite issuing bonus shares, the company is expected to face a capital deficit falling short of the Rs. 5 Arba capital requirement mandated by the Nepal Insurance Authority (NIA) for life insurance companies. To address this shortfall, PMLI has proposed issuing 7% rights shares, following the adjustment of bonus shares, to meet the Rs. 5 Arba capital requirement established by the NIA.