Sun Nepal Life Insurance Unveils Book Closure Date for its 25.0526% Dividend; Calls AGM on Jestha 9
Mon, Apr 29, 2024 10:17 AM on Latest, Dividend, Bonus & Rights, AGM/Special AGM, Book Closure,
Sun Nepal Life Insurance Company Limited (SNLI) has called its 7th AGM on 9th Jestha, 2081. The meeting will be held in Amritbhog Catering, Kalikasthan, Kathmandu, starting at 10:00 AM that day.
Among the other agendas, the AGM will endorse a 25.0526% dividend for the fiscal year 2079/80. The 99th Board of Directors meeting on Falgun 11 has decided to distribute a 23.8% bonus share worth Rs.76.16 crores and a 1.2526% cash dividend worth Rs. 4.00 Crore (including tax).
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. There is an agenda to elect one director from the public shareholding group.
The company has resolved to issue 27% right shares after adjusting for the allocation of 23.8% bonus shares from the existing paid-up capital of Rs. 3.20 Arba. This adjustment will result in an enhanced paid-up capital, reaching Rs. 3.96 Arba after incorporating the bonus shares.
Despite issuing bonus shares, the company anticipates a capital deficit of Rs. 1.04 Arba, falling short of the Rs. 5 Arba capital requirement mandated by the Nepal Insurance Authority (NIA) for life insurance companies. In response to this capital shortfall, SNLI has proposed issuing 27% right shares after adjusting the bonus shares to fulfill the Rs. 5 Arba capital requirement set by the NIA.
The book closure date is on Baishakh 27. Therefore, the shareholders maintained before that day are entitled to dividend payout, and can attend this AGM.
