Citizen Life’s decision to distribute dividends, Five Billion Rupees paid-up capital

Kathmandu : Citizen Life Insurance Company, which completed its IPO release just a few years ago, has decided to give bonus shares as dividends and cash for tax purposes from the profits earned for five years. The company, which was established six years ago, has decided to distribute dividends for the first time after completing the regulatory process.

This decision was taken from the meeting of the board of directors of the company held on 1st of January, 2023 B.S. It has decided to distribute 5 percent bonus shares and 0.26 percent cash dividends to its shareholders from the accumulated profits by the year 2079/80 B.S (2023 A.D) for tax purposes.

The total paid up capital of the company is 3.75 billion Rupees. 5 percent of its capital i.e. bonus shares worth 187 million 500 thousand Rupees are going to be distributed. After the dividend distribution, the total paid-up capital of the company will reach 3.93 billion Rupees.

The proposed dividend will be distributed to the investors after approval by the Nepal Insurance Authority and approval by the next annual general meeting of the company.

Citizen Life Insurance Company has accumulated 1.62 billion rupees in the fund by issuing IPO at premium. As the Regulatory Insurance Authority has arranged that the amount of premium can be counted as capital, Citizen Life has succeeded in meeting the five billion rupees paid-up capital limit set by the regulator along with a five percent bonus.