Prabhu Mahalaxmi Life Insurance Holds AGM Today with Bonus Share Distribution on Agenda

Prabhu Mahalaxmi Life Insurance Limited is convening its eighth Annual General Meeting (AGM) today, scheduled to begin at 11:00 AM at Amrapali Banquet, Bhatbhateni, Kathmandu. The meeting will focus primarily on the proposal to distribute an 8% bonus share along with a 0.421% cash dividend for tax purposes.

The company has decided to withdraw the previously proposed 7% rights issue, which was approved in the seventh AGM. The withdrawal is attributed to the fact that the proposed bonus shares will sufficiently raise the paid-up capital to meet the requirements set by Nepal Insurance Authority. Hence, the rights issue proposal has been rendered unnecessary.

With the increase in paid-up capital through the bonus share distribution, the company will also amend its Articles of Association accordingly. Alongside these proposals, the AGM will discuss and approve the company’s annual report, including the financial statements of profit and loss and cash flow for the previous fiscal year.

For the purpose of this AGM and dividend entitlement, Prabhu Mahalaxmi Life Insurance had closed its share register on June 5. Only shareholders registered before this date will be eligible to participate in the meeting and receive the proposed dividends.