Prabhu Mahalaxmi Life Concludes Eighth AGM, Approves Bonus Shares and Cash Dividend

Kathmandu — The eighth annual general meeting (AGM) of Prabhu Mahalaxmi Life Insurance Limited concluded today at Amrapali Banquet, Kathmandu. The meeting was chaired by Shiksha Bhattachan, Chairperson of the company’s Board of Directors.

The AGM approved the proposal to distribute 8 percent bonus shares and 0.421 percent cash dividend (including tax) from the accumulated profit of the last fiscal year, based on the company’s current paid-up capital.

The meeting also decided to cancel the earlier resolution passed during the seventh AGM to issue 7 percent right shares, as the company’s paid-up capital requirement set by the regulatory authority will be fulfilled after the distribution of bonus shares.

Additionally, the shareholders approved the annual report and other financial statements of the last fiscal year. An auditor has been appointed for the current fiscal year, and their remuneration has also been fixed.

Addressing the meeting, Chairperson Bhattachan assured shareholders of appropriate dividends in the coming year and highlighted the company’s efforts toward strengthening the capacity of its affiliated agents.

The AGM also granted authority to the board to make necessary amendments to the company’s Articles of Association and regulations. Furthermore, expenses incurred under corporate social responsibility (CSR) have been officially approved.