Shivam Holdings approves proposal to distribute Rs 116 million cash dividend

KATHMANDU: Shivam Cement Limited’s subsidiary, Shri Shivam Holdings Limited, in which Shivam Cement holds approximately 85% of shares, successfully conducted its Annual General Meeting (AGM) for the fiscal year 2080/081 (2023/24) in Kathmandu today.

The AGM, chaired by Shivaratna Sharda, Chair of the Board of Directors of Shivam Holdings Limited, approved the distribution of a cash dividend of Rs 116 million to the company’s current shareholders.

In addition, the meeting endorsed the annual report, auditor’s report, and financial statements for FY 2080/081.

The AGM also approved the appointment of an auditor for the fiscal year 2081/082 (2024/25) and decided the auditor’s remuneration as proposed by the board of directors.

Shivam Holdings Limited holds a 30% stake in Hongshi Shivam Cement Pvt. Ltd., a company established with significant Chinese investment and known as Nepal’s largest cement producer in terms of production capacity.

The company also shared that it has entered into preliminary agreements for investment in infrastructure development and hydropower projects as part of its strategy for investment expansion and diversification.

Furthermore, Shivam Holdings Limited has filed an application with the Securities Board of Nepal (SEBON) to issue shares to the general public.

These shares, equivalent to 20% of the company’s issued capital, will be offered at a premium price. Once approval from SEBON is obtained, the company plans to raise funds through the public issuance and invest the proceeds in other profitable projects, according to the board of directors and management team.

The company has stated that it remains committed to generating additional profits by utilizing the funds raised through the public offering for further investments in various projects.