Kathmandu. The second annual general meeting of Nepal Development Public Limited (NDP) has been concluded.

The meeting, chaired by the company’s chairman Chandra Prasad Dhakal, approved the annual report, financial statement and audit report for the financial year 2082/083. The meeting also approved the independent directors appointed by the board of directors.

The meeting also passed a proposal to give 2.5 percent bonus shares from the profit of the last financial year. Along with this, a proposal to give a cash dividend of Rs 15,57,343 for the tax levied on the bonus shares.

The meeting also decided to give the board of directors the right to merge or buy other companies that match the company’s objectives.

In addition, the NDP will now be able to issue convertible debentures, preferred shares, and financial instruments targeted at foreign investors, by passing a proposal to add additional provisions to the Memorandum of Understanding. It will also be able to draw support from international funds such as the Green Climate Fund and Blended Finance. The meeting also approved a provision to set aside 20 percent of the issued capital for the public. In the future, if the regulator asks for these amendments to be corrected, that responsibility will also be fulfilled by the Board of Directors.

In the last financial year 2082/083, NDP had made a profit of Rs 73.3 crore after paying tax. The total paid-up capital of the company has now reached Rs 1.18 billion.

Addressing the gathering, President Dhakal said that the government of Nepal has forwarded the program to establish an alternative financial circle only after a long time of the establishment of NDP. He said that the company has been established with the objective of raising investment in big infrastructure projects from domestic capital, giving the message that there is an investment-friendly environment in the country and providing investment and employment opportunities to millions of youths who are forced to go for foreign employment within the country.

“The economic transformation of the country is possible only when the capital scattered within and outside the country can be collected and invested in productive sectors, big infrastructure and important projects,” he said. “The company is not only established for profit, but it also aims to contribute to improving the investment environment and mobilizing capital within the country.” “

Chairman Dhakal expressed satisfaction that the company’s shareholder base has reached all 77 districts of the country. He also expressed commitment to expand investment in hydropower, cable car, tourism and information technology.