Norvic Hospital to distribute 50 percent bonus shares

KATHMANDU: JAN. 12 – The first annual general meeting convened to change Norvic International Hospital Public Limited Company passed a resolution distributing 50% bonus shares.

Norvic Hospital, which is also planning for an IPO, has passed a proposal to issue 50% bonus shares from the fiscal year 2077/78 net profit to the share rich.

Norvic Hospital’s current paid-up capital is Rs. 150 million. The paid-up capital will rise to Rs. 225 million following the distribution of 50% bonus shares.

The AGM also approved a proposal to reduce the restricted authorized capital from Rs 300 million to Rs 100 million.

In fiscal year 2077/78, Norvic Hospital earned a net profit of Rs 85.6 million. According to reports, the 50% bonus share and cash dividend necessary for tax purposes will be managed from the same profit.

At the annual general meeting held at the BLC Building in Thapathali, Chairman of the Board of Directors Rajendra Bahadur Singh presented the Board of Directors’ annual report.

In the meantime, Chairperson Singh informed that the hospital has made satisfactory progress even during the COVID-19 epidemic. He said that universal health care was provided to the people during the epidemic and Norvic also carried out effective programs under social responsibility.