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Malaysia’s Axiata buys Ncell’s 60 pc shares

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KATHMANDU — Axiata Group Bhd, Malaysia’s largest mobile operator by market value, said on Monday that it has entered into an agreement to acquire Nepal’s biggest mobile operator in terms of market share for $1.37 billion.

TeliaSonera, owner of the Nepali mobile phone service provider Ncell, sold 60.4 percent share of the Ncell to the Axiata.

The deal, however, is yet to be approved from the Department of Industries in Nepal, Nepal Telecommunication Authority, Malaysian Central Bank and Axiata’s shareholders, respectively.

In its statement, the European telecom provider on Monday said it sold the shares worth USD 1,030 million to the Malaysia-based Asian telecom titan.

“Ncell had a net cash position of around USD 284 million, after purchase price adjustments, as of September 30, 2015, and TeliaSonera will be paid for the cash position at closing in proportion to its economic interest of 80.4 percent,” the statement said.

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Civil service employees disagree ordinance

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RUPANDEHI- The Nepal Civil Service Employees Union (Association) Province-5 has expressed discontent on the employees’ adjustment ordinance brought out by the government.

Noting that the employees’ adjustment ordinance was introduced against the common understanding of the employees, the committee on Monday submitted a 12-point memorandum to the federal government through Province-5 Chief Minister and Office of Council of Ministers.

It may be noted that a 22-point common concept was submitted to the government through Chief Secretary of the federal government after holding discussions among national level trade unions of civil service. The discussion was coordinated by the authentic trade union of civil service employees.

The committee has expressed disagreement on the issuance of employees adjustment ordinance-2018 against the share concerns against the shared concept of the employees.

The Nepal Civil Service Employees Union (Association) has been insisting on the government to adjust employees as per the Adjustment Act-2074 and immediately enforce the voluntary retirement plan as per the Clause 13 of the Act.

A team headed by Association Province-5 Chairperson Madan Gautam had submitted the memorandum to Secretary of Chief Minister and Council of Minister, Basanta Adhikari.

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