Citizen Investment Trust holds 28th AGM

KATHMANDU: Citizen Investment Trust (CIT) held its 28th annual general meeting (AGM) on Sunday. The AGM held under the chairmanship of CIT Chairman Surya Bahadur Thapa approved the proposed 25% bonus share and 1.3158% cash dividend allocated in the income distribution statement for the fiscal year 2021/22. Similarly, the AGM discussed and passed the annual report for FY 2021/22. The balance sheet, profit and loss account and cash flow statement for 2022 (mid-June to mid-July) including the auditor's report were also approved. Addressing the AGM, Chairman Thapa said Nepali citizens who are not included in the programme for government, non-government and private institutions operated by CIT will be covered by the savings programmes with the guarantee of social security. Thapa said the savings collected by CIT could be used in national pride projects, infrastructure development and productive sectors, which would create opportunities to support the participants of the Trust, through various loan agreements and by diversifying investments in various instruments of the capital market. He committed to solving problems and challenges by utilising the existing potential and opportunities in CIT and flowing the investment into the productive sector. At the AGM, CIT Executive Director Raman Nepal briefed the situation of CIT and presented the issues and suggestions raised by the shareholders. He informed that the transactions of CIT will be expanded in the future by gradually making information technology friendly. According to the details presented at the AGM, the net fund balance of CIT reached over Rs 214.79 billion by the end of FY 2022/23. During that period, the CIT invested more than Rs 212.64 billion. Meanwhile, CIT is working towards involving self-employed and foreign-employed citizens to expand the business of CIT. Executive Director Nepal also informed that efforts are being made to receive the amounts from such citizens through online system. Meanwhile, from the group of banks and financial institutions (BFIs), National Life Insurance Company CEO Suresh Prasad Khatri was unanimously elected to the CIT Board of Directors for three years. READ ALSO:

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