Kathmandu - Panchthar Power Company Limited (PPCL) successfully conducted its 9th Annual General Meeting (AGM) on 24th Magh 2081 (6th February 2025) at Hotel Imperial, Battisputali, Kathmandu. The meeting commenced at 11:00 AM and was attended by shareholders, company executives, and other stakeholders.
The AGM focused on several significant matters crucial to the company’s financial and operational progress. Key highlights of the meeting included:
1. Approval of Financial Highlights for FY 2080/81: Shareholders reviewed and approved the company’s financial performance for the fiscal year, which demonstrated steady growth.
2. Appointment of Auditor: A new auditor was appointed for FY 2081/82 to ensure transparency and accuracy in financial reporting.
3. Increment of Authorized and Issued Capital: Shareholders approved a proposal to increase the company’s authorized and issued capital to support upcoming projects and expansion plans.
4. Issuance of Right Shares in a 1:1 Ratio: The AGM approved the issuance of right shares to existing shareholders, doubling their shareholding. This move aims to raise additional funds for future investments.
5. Utilization of Funds from Right Share Issuance: Detailed plans for utilizing the funds raised through the issuance of right shares were shared, emphasizing the company’s commitment to growth and sustainability.
6. Amendments to the Memorandum of Association: Changes to the company’s legal framework were approved to align with its evolving strategic goals.
The decisions made during the AGM reflect PPCL’s commitment to enhancing its financial strength and expanding its role in Nepal’s energy sector. The approval of the 1:1 ratio right share issuance is a strategic move to raise capital for the development of ongoing and future projects, potentially in the renewable energy domain.
The meeting concluded successfully, with shareholders expressing optimism about the company’s growth trajectory and its plans for the coming fiscal year.
Ecosphere News will continue to bring updates on PPCL’s initiatives and other developments in Nepal's energy sector.
