NIC Asia Capital concludes 6th AGM

KATHMANDU: NIC Asia Capital held the 6th annual general meeting (AGM) at its registered office in Thapathali, Kathmandu, on Wednesday. The AGM passed the report of the board of directors for the fiscal year 2021/22 under the general proposal and also discussed and passed the annual financial statement including the balance sheet, profit and loss account and cash flow statement up to July 16, 2022. The meeting also passed the proposal to distribute a cash dividend of Rs 110 million at the rate of 55% of the paid-up capital (including tax) as proposed by the board of directors. Kapil Dhakal, Assistant Chief Executive Officer, Universal Banking Ecosystem, NIC Asia Capital, said in the FY 2021/22, NIC Asia Capital managed to achieve the first position among merchant banks in terms of net profit by earning Rs 120.8 million net profit and maintaining an income of Rs. 60.39 per share. Within a period of five years and four months after the establishment, NIC Asia Capital gained the first position among 30 merchant banks by opening 600,000 Demat accounts under the deposit member service. Also based on the number of mutual funds and the amount managed by operating five schemes including an open-ended scheme under the mutual fund service, the capital stood in the first position. Likewise, under investment management services, NIC Asia Capital collected more than Rs 1.67 billion from 573 customers and came third place. Further, the Capital also succeeded in distributing more than 141% return to its shareholders within the period of five years and four months of operation, Dhakal informed. In accordance with the strategy of using modern systems for business use, the institution has made arrangements to open and renew Demat accounts and Mero Share accounts, purchase and repurchase of open-ended scheme units, and investment management services online. The NIC Asia Capital has extended its services through its branches at Kirtipur, Chabahil and Anamnagar in Kathmandu valley. It has planned to extend its services by opening branches outside the valley in near future. Currently, NIC Asia Capital is providing all merchant banking-related services including share registrar, issue and sale management, share guarantee, investment management, deposit member, and institutional consultation. Also, Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP) will be conducted in NIC Asia Dynamic Debt Fund, the first open scheme under NIC Asia Bank Mutual Fund. NIC Asia Capital has received Letter of Intent from Securities Board of Nepal (SEBON) to operate the Specialised Investment Fund under which it will provide Private Equity/Venture Capital (PE/VC) services soon.