Prabhu Insurance Concludes 29th AGM, Approves 18% Bonus Shares

Kathmandu — Prabhu Insurance Limited concluded it’s 29th Annual General Meeting (AGM), held today at Prabhu Complex, Koteshwor, Tinkune. The company made significant decisions for its shareholders during the meeting.

The meeting endorsed a proposal to distribute 18 percent bonus shares of the company’s paid-up capital to shareholders. In addition, a 0.9474 percent cash dividend will be issued to cover the applicable tax on the bonus shares. Shareholders registered with the Nepal Stock Exchange (NEPSE) as of 1st Shrawan (July 17) will be eligible to receive the declared dividends.

Previously, the insurer had planned to issue 50.15 percent right shares; however, with the increase in paid-up capital following the bonus share distribution, the proposal was revised. The AGM has now approved the issuance of 47 percent right shares instead.

The gathering also ratified the financial statements for the fiscal year 2080/81 and approved the appointment and remuneration of the auditor for fiscal year 2081/82. Furthermore, necessary amendments to the company’s Memorandum of Association and Articles of Association were passed, granting the Board of Directors authority to implement the changes.