Nepalese money
Kathmandu: Api Power Company has revised the dividend proposed earlier and fixed a new date for the Annual General Meeting and Book Close. The company has decided to hold the annual general meeting on November 11th and book close on November 2nd. Earlier, the general meeting convened on October 1 was postponed after the electricity regulatory commission did not approve the dividend proposed by the company.
The meeting of the board of directors held on October 18 of the company has made a new proposal to distribute bonus shares and 0.2632 percent cash dividend for tax sponsorship at the rate of 5 percent of the current paid-up capital from the net profit of FY 2081-081. Currently, the company’s paid-up capital is 5 billion 78 million 65 million 97 thousand. According to the instructions of the commission, the company has called the general meeting along with the dividend revision.
Earlier, it proposed to distribute bonus shares at the rate of 9 percent and 0.4737 percent cash dividend for tax purposes. The Electricity Regulatory Commission had put a hold on the proposed dividend distribution by UP Power on the grounds that it showed ‘unrealized gain’ as net profit from the audit of the financial year 2080-81.
The company has now decided to keep the amount of profit after the new dividend equal to 4.2503 percent of Rs. 24 crore 59 lakh 52 thousand 92 in the reserve fund of the company. In addition, for the purposes of the general meeting, the shareholder registration book will be closed on the 2nd of October.