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

Kathmandu – Prabhu Mahalaxmi Life Insurance has announced that its eighth Annual General Meeting (AGM) will be held on Jestha 26 (June 9). The meeting is scheduled to take place at Amrapali Banquet, Bhatbhateni, Kathmandu at 11 am.

During the AGM, the company will present a proposal to distribute 8 percent bonus shares and 0.421 percent cash dividend for tax purposes. In addition, the company will officially cancel the 7 percent right share proposal that was passed in the seventh AGM.

The company clarified that the right share issuance is being scrapped because the paid-up capital requirement set by the Nepal Insurance Authority will be fulfilled through the proposed bonus shares. Accordingly, the agenda also includes amending the company’s memorandum of association to reflect the increase in paid-up capital.

Other key agendas for the meeting include the discussion and approval of the annual report, profit and loss account, and cash flow statement for the last fiscal year.

Prabhu Mahalaxmi Life has announced the closure of its books from Jestha 16 (May 30) for the purpose of the AGM. As Jestha 15 (May 29) falls on Republic Day, a public holiday, only shareholders who hold shares by Wednesday, Jestha 14 (May 28), will be eligible to attend the AGM and claim the proposed dividend.