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Published On: October 24, 2016 09:16 PM NPT By: Republica

Neco Insurance to distribute 20 percent stock dividend

REPUBLICA, Oct 24: Neco Insurance Ltd has announced that it will distribute 20 percent stock dividend to its shareholders.

Issuing a statement on Monday, the non-life insurer said that it has decided to distribute 20 percent bonus shares to its shareholders from the profit it earned in the last Fiscal Year 2015/16.

The decision is subject to the approval of Beema Samiti and the insurance company's annual general meeting, according to the statement.

Similarly, the insurance company has also applied for the approval of Securities Board of Nepal to float 1:1 rights issue as part of its plan to increasing paid-up capital to Rs 1 billion by next fiscal year.

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