Kathmandu. Citizen Stock Dealer Company has convened its second annual general meeting on January 7 with a proposal to issue IPO to the public. The company, which has received permission from the Securities and Exchange Board of Nepal (SEB) to act as a securities dealer, has raised Rs. It is preparing to issue 15 million IPOs worth Rs 1.5 billion.

Out of the total shares, the company will reserve 2 percent for employees and 5 percent for collective investment funds. Along with the Citizens Investment Fund, the company also owns shares in Nepal Reinsurance Company and Nepal Telecom Company. Rs. The company, which has a capital of Rs 5 billion, owns 51 per cent of the Citizens Investment Fund, 10 per cent of Nepal Reinsurance Company and 9 per cent of Nepal Telecom Company. The company also plans to issue shares in the coming days with 30 percent share ownership.

The company, which is a subsidiary of the Citizens' Investment Fund, is scheduled to hold a meeting at the fund's building, New Baneshwor, at 3.30 pm. The meeting will pass the financial statements including the IPO proposal and the annual report of the last fiscal year 077/78 and also appoint the auditor for the current fiscal year and determine his remuneration.