Kathmandu. The 18th Annual General Meeting (AGM) of Asian Life Insurance Company Limited (LIC) has been convened on February 24 at 1:00 pm at Hotel Classic in Simara of Bara district.

The AGM will endorse a proposal of distributing 5% bonus shares and 5.5263 percent cash dividend along with tax on cash from the accumulated profit of the last fiscal year.

The AGM will approve and deliberate on the annual report of the last fiscal year along with the audit report of the last fiscal year, balance sheet up to the end of Ashadh, statements of profit and loss, cash flow statement and related schedules.

The meeting will also endorse a proposal to appoint an auditor for the current fiscal year and determine his/her remuneration, to approve the increase in paid-up capital to the extent after the distribution of bonus shares, to add objectives and amend the Memorandum of Association as per the need of the time and to delegate authority to the Board of Directors to make necessary amendments in the Memorandum of Association and Articles of Association of the company.

The book close of the shares of the company will be held on February 29 for the purpose of AGM and dividend distribution. As per the book close, only the shareholders of the Nepal Stock Exchange (NEPSE) as of February 28 will be eligible to participate in the AGM and receive the dividend.