Neco Insurance Announces Book Closure for 25% Right Shares

Kathmandu – Neco Insurance has announced the book closure date for its 25% right shares. The company will close its shareholder register on January 31, meaning investors holding shares until January 30 will be eligible to subscribe to the right shares.

The Nepal Securities Board has approved Neco Insurance’s proposal to issue 25% right shares of its current paid-up capital. Accordingly, the company will issue 1:0.25 or 25% right shares, totaling 50,030,901.55 units, each with a face value of NPR 100. This translates to a total issue worth NPR 503 million.

The issuance will raise the company’s capital to NPR 2.51 billion, with its existing paid-up capital at NPR 2.1 billion, surpassing the NPR 2.51 billion minimum threshold set by the Nepal Insurance Authority for non-life insurance companies.