Himalayan News Service

Kathmandu, January 5:

The ninth annual general meeting of Ace Finance Company Ltd (AFCL) has approved a 20 per cent cash dividend for its shareholders. The AGM held yesterday has also elected a new panel of directors for the next term of four years. Yogendra Sakya, Rajib Rajbhandary and Ajay Ghimire, were selected from promoters group whereas Binod Ratna Tuladhar and Siddhant Raj Pandey were selected from public shareholders. “AFCL has yet another successful year of operation and managed to maintain its position as a leading finance company in the country, states a press release issued here today by the company.

The company posted an operating profit of Rs 35.1 million and net profit Rs 23.8 million during the fiscal year 2003-04. It’s per share earning has been recorded as Rs 26.50. The company’s authorised capital and paid capital have touched Rs 120 million and Rs 90 million respectively. The company has also diversified its business ventures to contribute in the country’s educational and infrastructure sectors. Ace Institute of Management, promoted by AFCL has gained popularity in a short duration as one of the leading management colleges in private sector. The company is also offering a wide-range of financial and non-financial products and services to its customers, both in corporate and retail segments. It is also offering several depositories and investment schemes with attractive returns,adds the release.