Day: May 17, 2024

Mero Microfinance Laghubitta Bittiya Sanstha Limited (MERO) has announced a significant alteration in its share structure, aimed at boosting public ownership and enhancing investor participation.

As per the notice published by the company, the promoter-public shares conversion ratio has been adjusted from the existing 69.40% – 30.60% to 59.40% – 40.60%, following approval from Nepal Rastra Bank and endorsement in their 11th Annual General Meeting (AGM).

Previously, MERO had 13,200,000 unit shares listed on NEPSE, with promoters holding 69.40% (9,160,800 units) and the public holding 30.60% (4,039,200 units). With the conversion, the promoter shares now amount to 59.40% (7,840,800 units), while public shares stand at 40.60% (5,359,200 units), reflecting an addition of approximately 1,320,000 units to public shareholders.

MERO closed at Rs. 716.00, indicating ongoing market activity and investor interest in the microfinance sector. Stay updated on these developments for potential investment opportunities and market insights.

Prime Minister Pushpa Kamal Dahal, also known as ‘Prachanda,’ has urged the private sector to invest confidently in Nepal’s hydropower sector. Speaking at the 22nd annual general assembly of the Independent Power Producers’ Association, Nepal (IPPAN), the Prime Minister highlighted a significant milestone: the signing of an agreement with India to export 10,000 megawatts of power from Nepal over the next decade.

Emphasizing the importance of this agreement, Prime Minister Dahal noted that it opens avenues for power trade with Bangladesh through India’s transmission lines. He credited his premiership for creating such vital opportunities, labeling it as a landmark success not only for Nepal’s hydroelectricity sector but also for the broader campaign for prosperity.

Prime Minister Dahal expressed optimism about reaching a similar agreement with Bangladesh in the near future to export Nepal’s electricity. Additionally, he outlined the government’s efforts to boost domestic power consumption, including initiatives to promote electric vehicles and appliances. These measures aim to reduce reliance on imported petroleum products and increase the utilization of domestically produced electricity.

In his address, the Prime Minister underscored the pivotal role of the electricity sector in driving Nepal’s development and prosperity. He commended the private sector for its contribution to scaling up power production and emphasized the government’s commitment to supporting and facilitating further growth in this critical sector.

The cost of fine gold has witnessed a decline, according to a recent report from the Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA). Fine gold is presently trading at Rs. 1,39,300 per tola, reflecting a decrease of Rs. 700 from its previous closing rate of Rs. 140,000 per tola.

Similarly, Tejabi gold now stands at Rs. 1,38,650 per tola, showing a Rs. 650 decline from its previous day’s closing price of Rs. 1,39,300 per tola.

The peak surge in gold prices occurred on May 16, 2024, when fine gold reached an all-time high of Rs. 140,000 per tola.

Additionally, the price of silver has dropped by Rs. 5 per tola, with the current market rate at Rs. 1,800 per tola compared to yesterday’s closing rate of Rs. 1,805 per tola.

Both domestic and international markets have witnessed a decline in prices. The latest update reveals the global gold rate at $2,379.10 per ounce, while silver exhibits negative momentum internationally, with prices reaching $29.58 per ounce.

Stay updated with the latest market trends and price fluctuations in the precious metals market for informed investment decisions.

IME Life Insurance Company Limited (ILI) has announced the convening of its 7th Annual General Meeting (AGM) on 28th Jestha, 2081. The meeting is scheduled to take place at Amrapali Banquet, Naxal, Kathmandu, commencing at 11:00 AM on that day.

Among the key agendas, the AGM will endorse a 26.3158% dividend for the fiscal year 2079/80. Additionally, the 193rd Board of Directors meeting held on Baishakh 21 has decided to distribute a 25% bonus share worth Rs. 1 Arba and a 1.3158% cash dividend (including tax) worth Rs. 5.26 crore.

Furthermore, the meeting will address the endorsement of the auditor’s report along with Profit and Loss statements, financial reports, and cash flow reports. It will also include the appointment of an auditor for the fiscal year 2080/81 and the election of one director from the public shareholding group.

The book closure date is set for Jestha 14. Shareholders maintained before this date are entitled to dividend payout and can participate in the AGM.

Stay informed about these important corporate events and participate in shaping the future of IME Life Insurance through active shareholder engagement.