United Ajod Insurance Limited (UAIL) has convened its 31st Annual General Meeting (AGM) on the 30th of Ashadh, 2082. This gathering will take place at Amrapali Banquet Catering & Events, located in Bhatbhateni, Kathmandu, commencing at 10:30 AM on that date.
Among the various topics on the agenda, the AGM will ratify a dividend of 10.5263% for the fiscal year 2080/81. The 61st board of directors meeting, held on Ashadh 04, has resolved to share a dividend of 10.5263% for the fiscal year 2080/81, comprising 10% in bonus shares and a cash dividend of 0.5263% (to cover tax liabilities). The company’s current paid-up capital stands at Rs. 2.10 Arba.
In accordance with the Nepal Insurance Authority’s mandate to sustain a minimum paid-up capital of Rs. 2.50 Arba for non-life insurers, the organization previously opted to issue 15% rights shares based on its existing capital of Rs. 2.10 Arba. However, the company now plans to distribute 10% bonus shares derived from the profits of FY 2080/81. Following the issuance of bonus shares, the capital will be elevated to Rs. 2.31 Arba. Utilizing this revised capital, the company will issue 10% rights shares (1 for every 10 shares owned), thus raising the total paid-up capital to Rs. 2.54 Arba. Consequently, a proposal has been approved to modify the provision related to issued and paid-up capital in the company’s Articles of Association accordingly.
Additionally, the agenda includes the approval of the auditor’s report, alongside the profit and loss statements, financial reports, and cash flow statements, as well as the appointment of an auditor for the fiscal year 2081/82.
The book closure date is set for Ashad 19. Therefore, shareholders who are registered before this date are entitled to the dividend distribution and can participate in this AGM.
