Insurance Board, the regulatory body of insurance companies has recently implemented NFRS system in the insurance sector. As per the NFRS format, the insurance company requires to maintain hefty amount in provision and reserves, thus, the company failed to distribute dividend for the FY 2074/75 to the shareholders.
As per the financial report of FY 2074/75 prepared as per NFRS format, the company earned Rs 455.5 million in net profit. The company with Rs 1.05 billion in paid-up capital has Rs 410.9 million in reserve fund.
In the AGM, the company is supposed to endorse a proposal of issuing 30 percent right shares and delegate authority to BOD to forward merger procedure. Moreover, the company is set amend number of board members in its article of association and memorandum of association.
For the AGM, the company is closing its book on July 31, thus, the shareholders registered in its book till July 30 will be eligible to attend the AGM.