Prabhu Mahalaxmi Life Insurance Announces Date for Eighth AGM, Proposes 8% Bonus Shares

Kathmandu — Prabhu Mahalaxmi Life Insurance Limited has announced its eighth Annual General Meeting (AGM), scheduled for 11 AM on Jestha 26 (June 9) at Amrapali Banquet, Kathmandu.

The company’s board of directors has proposed the distribution of 8 percent bonus shares and a 0.421 percent cash dividend (including tax) from the accumulated profit of the last fiscal year, based on the current paid-up capital. This proposal will be tabled for approval during the meeting.

In a significant move, the insuance company is also set to cancel its earlier decision to issue 7 percent right shares, which was approved during the seventh AGM. The company stated that the paid-up capital requirement set by the regulatory authority will be fulfilled following the proposed bonus share issuance, making the rights offering unnecessary.

Other key agendas of the AGM include approval of the annual report and audited financial statements of the previous fiscal year, appointment of an auditor for the current fiscal year, and determination of the auditor’s remuneration.

Additionally, the meeting will consider a proposal to authorize the board to amend the company’s Memorandum of Association and Articles of Association as required, and to approve expenditures related to corporate social responsibility (CSR) initiatives.

The company has decided its book closure on Jestha 16 (May 30) for AGM purposes. Shareholders recorded by Jestha 14 (May 28) will be eligible to attend the meeting and receive the proposed dividend.