Prabhu Life Insurance Company recently held its 5th Annual General Meeting (AGM) under the chairmanship of Mr. Subhash Amatya on Jestha 26, 2080.
During the AGM, the financial reports for the previous fiscal year were approved. In addition, the meeting decided to distribute 9.80% bonus shares and 0.51% cash dividends to the shareholders. These dividends serve as a return on their investment in the company. Moreover, the AGM elected new members to the Board of Directors, including Ms. Shikshya Bhattachan, Ms. Mijas Bhattachan, Mr. Shyam Krishna Shrestha, and Mr. Sushan Sherchan from the promoter shareholder group, as stated in the media statement.
Furthermore, the AGM endorsed the proposal for a merger with Mahalaxmi Life Insurance. The merger will be conducted using a share swap ratio of 100%, resulting in the formation of a new entity named Prabhu Mahalaxmi Life Insurance. According to the media statement, the joint operations of the merged entity are expected to commence by the end of Asar, 2080.
Overall, the AGM marked important decisions regarding dividend distribution, Board of Directors’ composition, and the merger with Mahalaxmi Life Insurance, leading to the formation of Prabhu Mahalaxmi Life Insurance.
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