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Malaysia’s Axiata buys Ncell’s 60 pc shares

Gorkha Post



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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China supports to reconstruct Tatopati border point





KATHMANDU — The Chinese government has agreed to extend the assistance to Nepal for the projects on post-disaster recovery for Tatopani border point, the hospital recovery in Sindhupalchowk and reconstruction of Jiri Secondary School.

An agreement to this was signed and exchanged at the Ministry of Finance today, said a press statement issued by the Ministry.

Chinese government has pledged to provide Rs 48 billion grants for it.

Finance Secretary Shankar Prasad Adhikari and Chinese Ambassador to Nepal Yu Hong signed the agreements on behalf of the government of Nepal and the Chinese government respectively.

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For the resumption of the Tatopati border point, the budget would be used for renovation of building and establishment of protection measures, so that trade clearance capabilities would be improved.

Similarly, under hospital recovery project, a middle sized hospital equipped with necessary facilities having 39 beds would be constructed in Sindhupalchowk.

School reconstruction is aimed at recovering and improving school facilities and functions.

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