Kathmandu. The 4th Annual General Meeting (AGM) of Himalayan Reinsurance Limited also approved a proposal to distribute bonus shares at the rate of 4.50 per cent to investors and cash dividend of Rs 24.63 million for tax purposes.
The resolution was passed at the meeting held at Nepal Academy, Kamaladi, Kathmandu.
The meeting passed the proposal regarding the appointment of auditors and determination of their remuneration for the current fiscal year by passing the financial statements including the annual report of the last fiscal year and the financial report of the auditor.
Promoted by the private sector, Himalayan Reinsurance Limited is the only company in Nepal to be rated by the International Rating Agency. The company has received a B+ rating from the world-renowned rating agency AM Best.
The company has been able to bring reinsurance business from more than 52 countries in order to establish itself as an emerging reinsurance company in the international insurance market and has also been able to participate in the retrocession program of large reinsurance companies such as the world-renowned reinsurance company General Insurance Corporation of India (GIC Re) and Hanoi Re.
Last year, the company completed the largest initial issue of shares in the history of Nepal to the general public. The third annual meeting of the company held immediately after the issue of the shares was held at the rate of 4 percent of the then paid-up capital of Rs 10 billion. It was decided to distribute bonus shares worth Rs 400 million.
Despite having such a large paid-up capital, the company’s ability to distribute more than 4 percent dividend every year can be considered as an unprecedented success.
Likewise, the Assembly has also passed a resolution to delegate to the Board of Directors all the authority related to making any changes or modifications or improvements by the regulatory body regarding the additions and amendments made in the Management and Regulations and the recording thereof.
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