United Insurance announces 23rd AGM date; No dividend for fiscal year 2072/73

United insurance has announced to have its 23rd AGM for the fiscal year 2072/73 on 26th Poush, at Karki Banquet Babarmahal, Kathmandu.

Major Agendas for the meeting are as folows:

(i) Financial Highlights for the FY 2072/73

(ii) Appointment of Auditor

(iii)Election of BoD.  

The shareholders book will remain close from poush 12th to poush 26th. only the shareholders having the shares at the time of bookclose can participate for the meeting. The company has decided not to give any dividend from the earning of 2072/73. The company will soon announce an AGM for the year 2073/74.  

The 100% right and 10% bonus proposed by the company previously was halted by the Insurance Board. Due to high provisioning the reserve of the company is negative. The company can most likely issue gigantic right share in order to meet the insurance board's directive regarding capital increment. As per Insurance Board's directive non-life insurance companies needs to meet a paid up capital of Rs 1 arba by the end of Fiscal year 2074/75. UIC currently has a paid-up capital of Rs. 30.24 crores.UIC still needs to increase its capital by approx. 70 crores (230%). 

UIC had earned a net profit of Rs 1.47 crores as of 1st quarter 2074/75. The shares of the company was last traded at Rs 1260.