KATHMANDU, Oct 20: Nepal Republic Media Limited successfully concluded its 'Third Annual General Assembly – 2080 BS' in the capital on Friday. The company's chairman, Binod Raj Gyawali, presented the annual report during the AGM, which received unanimous approval from the shareholders.
During the meeting, an auditor was appointed to oversee the company's financial statements for the fiscal year 2023/24. Furthermore, Pradip Mishra was elected as a member of the board of directors, representing the general shareholders.
Chairman Binod Raj Gyawali expressed his satisfaction that the long-standing vision of his father, Hem Raj Gyawali, to involve the general public in the media sector had finally come to fruition. "Today, we have successfully achieved the goal of making the media a public endeavor, fulfilling my father's wish that the media should not be controlled by a single individual or family," he stated.
Gyawali said that the company will distribute dividends in the future and expressed commitment to the 'Citizens against Corruption' campaign. He also expressed gratitude to the shareholders and looked forward to their valuable contributions in building a more enlightened society.
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NRM Director Shobha Gyawali noted the shift in journalism from a mission-oriented approach in Nepal's history to a more professional journalism model, highlighting Nepal Republic Media's commitment to professional standards even as it transforms into Nepal Republic Media Limited.
As the company evolves to embrace a broader ownership base among the public, Shobha Gyawali urged support for its continued development and expansion.
CEO Sambridhi Gyawali shared the company's plan to adopt a 'digital pay' system to enhance journalism standards and bring innovation to the communication industry. She reported reaching out to 1.8 million readers through print media and outlined a vision to connect with all Nepalis by leveraging digital media.
CEO Gyawali emphasized the company's long-term commitment to maintaining the highest journalism standards, embracing technology for development, and ensuring efficient operations.
Shareholder Satrughan Shrestha expressed gratitude for the historic step of involving the public in the media sector through share ownership. He acknowledged the late Hem Raj Gyawali's contributions to the society through the media and looked forward to a brighter future.
Shrestha also commended Nepal Republic Media's global presence, including collaborations with renowned publications like 'New York Times,' and expressed optimism about its future progress.
Dumbar Ballav Gaire, another shareholder, lauded the company for involving common people in share ownership and suggested that the management and board of directors formulate comprehensive plans for the coming year.
Another shareholder Deepak Pradhan requested transparency in sharing the company's future plans, products, and strategies for digital media utilization. He also inquired about potential mergers with other media houses and expressed confidence in the company's future profitability and dividends for ordinary shareholders.
Lastly, shareholder Nirupama Gupta expressed gratitude to the company’s founders for pioneering public share offerings through IPO. She recommended prudent financial management by reducing administrative and managerial expenses.
The company initially issued 3,619,891 shares to the general public, allocated 174,120 shares for employees, designated 217,650 shares for collective investment funds, and set aside 435,300 shares for Nepali citizens working abroad. These shares were subsequently listed and traded in the secondary market. Notably, Nepal Republic Media Limited achieved the milestone as the first media company to make its shares available to the public.
