Purwanchal Lube Oil Approves 8.42% Cash Dividend at 27th AGM
Purwanchal Lube Oil Limited, maker of PLO brand lubricants, held its 27th AGM, approving an 8.42% cash dividend (including tax) on paid-up capital and all board proposals for FY 2082/83. The company also confirmed auditor appointment, budget, directors' remuneration, and a new board, while preparing a book-building IPO with 600,000 shares reserved for qualified institutional investors.
Purwanchal Lube Oil Limited, the manufacturer of PLO brand lubricants, has successfully concluded its 27th Annual General Meeting (AGM).
During the meeting, shareholders approved the company's annual and financial reports for FY 2082/83, along with all other proposals presented by the board.
The AGM also gave the green light to an 8.42% cash dividend, including tax, on the company's paid-up capital. In addition, the following were approved:
- Appointment of an auditor for the next fiscal year
- Budget
- Directors' remuneration
- Election of a new board of directors
Meanwhile, the company is preparing to issue an IPO through the book-building method. According to the Nepal Stock Exchange, 600,000 shares have been set aside for qualified institutional investors. The company plans to raise capital through the IPO to support its business expansion.