• BIZ BRIEFS
KATHMANDU: The fifth annual general meeting (AGM) of Union Life Insurance has approved the decision of its board of directors to merge with Gurans Life Insurance Company and Prime Life Insurance Company.
The AGM also passed a resolution to change the composition of ordinary and founder shares and to convert 19 per cent of the founder shareholders into ordinary, as per a press statement.
The meeting endorsed the proposal of distributing 8.97 per cent bonus share from the profit of the financial year 2020-21 to the shareholders.
A resolution has been passed that the amount of tax on distribution of bonus shares shall be paid by the shareholders themselves. Out of 70 per cent promoter shares, 19 per cent shares are to be converted into ordinary shares and the ratio of promoter and ordinary shares will be maintained at 51:49.
A version of this article appears in the print on February 10, 2023, of The Himalayan Times.
