14th January 2025, kathmandu
Mountain Energy Nepal Limited successfully held its Annual General Meeting (AGM) for the fiscal year 2023/24 on 13 January 2025. The meeting was led by Chairman Mr. Pradeepjung Pandey, marking an important occasion for the company’s growth and future direction.
Mountain Energy Nepal AGM 2025
Approval of Bonus and Dividend Distribution
One of the key resolutions passed during the AGM was the approval of a 15% bonus share distribution. Along with this, a 0.7895% cash dividend was declared for tax purposes, making a total of 15.7895% in dividends. This move is a gesture of gratitude towards the company’s shareholders.
In addition, the AGM also approved the issuance of a 50% rights share offer after the bonus shares. The rights issue will allow shareholders to purchase new shares worth NPR 1.3 billion. This capital raise is aimed at funding the company’s investments, including the 65 MW Dudh Khola Hydroelectric Project.
Capital Boost Post-Bonus Shares
After the approval of the 15% bonus share distribution, Mountain Energy Nepal’s paid-up capital will increase to NPR 2.602 billion. This growth will help strengthen the company’s financial standing, supporting its future projects and investments in renewable energy.
Annual Report and Financial Statements Ratified
The AGM also ratified the company’s Annual Report for the fiscal year 2023/24, including the Auditor’s Report. Shareholders approved the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and Annual Financial Statements, ensuring transparency and clear financial reporting for the year ending Ashadh 2081 (July 2024).
New Director Elected
During the meeting, shareholders unanimously elected Ms. Rachana Adhikari as a new Director. This addition highlights the company’s commitment to gender diversity within its leadership and decision-making processes.
Amendment of Company’s Articles and Memorandum
The AGM also saw the approval of amendments to Mountain Energy Nepal’s Memorandum and Articles of Association. This step was necessary to align the company’s legal structure with its evolving operations and strategic objectives.
Renewable Energy Projects Driving Future Growth
Mountain Energy Nepal continues to focus on expanding its renewable energy initiatives. The company currently operates two important hydroelectric projects: the 42 MW Mistri Khola and the 5 MW Tadi Khola projects. These projects contribute to the company’s goal of promoting clean, sustainable energy in Nepal.
With a strong commitment to renewable energy, Mountain Energy Nepal is poised for future growth. The approved rights issue and bonus shares demonstrate the company’s dedication to enhancing shareholder value and supporting the country’s energy sector.
For further information on the rights issue and upcoming projects, shareholders are encouraged to visit the official website or contact the company directly.
For more: Mountain Energy Nepal AGM 2025
