KATHMANDU: Reliance Spinning Mills Limited has announced a 30 percent cash dividend, including taxes, for its shareholders during its first year of listing on the Nepal Stock Exchange (NEPSE).
The decision was made during a board of directors meeting held on Monday. With a paid-up capital of Rs 1.9 billion, the company will distribute Rs 570 million to its shareholders.
This dividend payout is subject to approval from the company’s upcoming annual general meeting scheduled for Oct. 8.
The company has set the venue for the general meeting at Anupam Foodland in Battisputali, Kathmandu. To facilitate the dividend distribution and the general meeting, Reliance Spinning Mills will close its shareholder registration book for one day on Sept. 30. Shareholders who have purchased and transferred shares into their names by Sept. 29 are eligible to participate in the general meeting.
During the same board meeting, the company also approved its financial statements for the fiscal year 2082/83. Reliance Spinning Mills, which issued its initial public offering through the book-building method, is recognized as one of Nepal’s largest employers and export-oriented firms. The company operates two yarn factories in Khanar and Duhabi, Sunsari, employing approximately 4,000 workers.
The firm produces cotton, polyester, viscose, acrylic, and textured yarn. It reports an annual export value of approximately 50 million US dollars, with its products being sold domestically and exported to international markets, including India and Turkey.
