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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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DPM Pokharel gets responsibility of Officiating PM

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KATHMANDU — Ahead of his visit to the People’s Republic of China, Prime Minister KP Sharma Oli has given the responsibility of the Officiating PM to Deputy Prime Minister and Minister for Defence Ishwar Pokharel.

PM Oli, who is also the chairman of Nepal Communist Party (CPN), is leaving here for China today.

Similarly, Oli has appointed party’s senior leader Madhav Kumar Nepal as the officiating chairman of CPN, according to CPN central committee member Bishnu Rijal. Currently, another chairman of CPN Pushpa Kamal Dahal ‘Prachanda’ is out of the country.

Likewise, deputy parliamentary party leader of CPN Subas Chandra Nembang has got the responsibility of officiating parliamentary party leader in the absence of parliamentary party leader and PM Oli.

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