The semi-government body is providing an additional 1.5 percent return to its contributors of retirement fund
KATHMANDU, July 16: The Citizens Investment Trust (CIT) is providing 25 percent bonus shares to its shareholders.
The 28th annual general meeting (AGM) of the semi-government body held on Sunday announced the bonus share and a 1.3158 percent cash dividend.
CIT providing 30 percent bonus shares to its shareholders
Speaking at the AGM, CIT Chairperson Surya Bahadur Thapa stressed on the need to diversify the investment portfolio to ensure higher returns to the shareholders. According to him, the new investment avenues could be the national pride projects, production sectors and various instruments of the capital market.
Raman Nepal, executive director of the CIT, said the trust will become information technology friendly to expand its financial transactions.
According to the financial statement unveiled by the CIT, it has net reserves of Rs 214.79 billion as of mid March. Similarly, the CIT invested Rs 212.64 billion, reads a press statement issued by the CIT.
Meanwhile, the CIT has announced to provide an additional 1.5 percent return on the accumulated amount, on top of the normal interest earnings to its contributors.
According to the CIT, the additional benefit will be provided only to the contributors who deposited in their pension funds as of the fiscal year 2021/22. Similarly, the benefits will be assessed based on the amount deposited in an individual's account as of mid-April.
Uddhav Silwal, information officer of the CIT, said an estimated Rs 1.81 billion will be spent on the scheme ‘Employee Savings Increase Retirement Fund.’ According to him, the trust will be providing additional returns also on the remaining six other schemes forwarded by the CIT.
