Mountain Energy Nepal to hold AGM on Jan.12

KATHMANDU, DECEMBER 17: Mountain Energy Nepal Limited has scheduled its Annual General Meeting (AGM) for the fiscal year 2024/25. The AGM will take place on January 12, 2025  at Amrapali Banquet in Bhatbhateni.

Key agenda items of the AGM include the approval of dividend distribution and the issuance of rights shares. The company has proposed a 15% bonus share and a 0.79% cash dividend for shareholders, amounting to a total dividend of 15.79% on the current paid-up capital, which stands at Rs 2.26 billion. Upon approval at the AGM, the proposed dividends will be distributed to eligible shareholders.

Additionally, the company has proposed to issue 50% rights shares on the paid-up capital after distributing the 15% bonus shares. Following the distribution of the bonus shares, the paid-up capital will increase to Rs 2.60 billion. In a 1:0.5 ratio, the proposed rights issue will amount to Rs 1.30 billion or 13,013,578.54 units of shares.

The proposal for the rights issuance will be presented at the AGM for approval after obtaining consent from the Electricity Regulatory Commission. The funds raised through the rights shares will be utilized for the development of the 65 MW Dudh Khola Hydropower Project.

The company has announced a book closure date of December 26 for the AGM. Shareholders recorded as of December 10 will be eligible to attend the AGM and receive the proposed dividends.