Category: Business | Market | Economy

  • “Nepal’s Economic Triumph: Robust Balance of Payments Surplus Signals Financial Stability”

    “Nepal’s Economic Triumph: Robust Balance of Payments Surplus Signals Financial Stability”


    In a positive economic development, a report from the Nepal Rastra Bank reveals that Nepal’s balance of payments (BOP) has maintained a surplus of Rs.147.11 billion, marking a significant increase compared to the Rs.20.03 billion surplus recorded in the same period the previous year, based on data ending in mid-November.

    Expressed in US Dollars, the BOP surplus for the review period reached 1.11 billion, slightly lower than the 149.6 million surplus in the corresponding fiscal year. The current account has also displayed improvement, registering a surplus of Rs.96.38 billion in contrast to a deficit of Rs.37.79 billion in the previous year. In US Dollar terms, the current account surplus reached 725.1 million, a notable contrast to the 296.1 million deficit in the same period last year.

    The report underscores a 46.6% decrease in capital transfer to Rs.1.59 billion, while net foreign direct investment (FDI) remained positive at Rs.3.64 billion, marking a significant increase from the Rs.429.2 million recorded in the previous year. Merchandise imports witnessed a 3.8% decrease, totaling Rs.512.50 billion, with notable shifts in import categories and sources.

    Trade patterns at various customs points exhibited mixed trends, with some experiencing increases while others faced decreases. The total trade deficit reduced by 3.3% to Rs.461.94 billion during the review period, contributing to an improved export-import ratio of 9.9%, down from 10.3% in the corresponding period last year.

    Merchandise imports from India, paid in convertible foreign currency, amounted to Rs.53.84 billion during the review period, showing an increase from Rs.42.69 billion in the same period the previous year. Overall, the report signals positive strides in Nepal’s economic indicators, with the BOP surplus indicating enhanced financial stability.

  • Kumari Bank and NEPSE Seal Deal for Listing 10% KBL Debenture 2090

    Kumari Bank and NEPSE Seal Deal for Listing 10% KBL Debenture 2090


    Kumari Bank Limited (KBL) and the Nepal Stock Exchange (NEPSE) finalized an agreement today for the listing of “10% KBL Debenture 2090” (KBLD90).

    Under the terms of the agreement, 50,00,000 units of the debenture are set to be listed at a par value of Rs. 1000 per unit. The subscription period for the issue was open from the 2nd Kartik to the 13th Kartik in the year 2080.

    The commencement of share trading is expected to take place on Thursday. Nabil Investment Banking Limited served as the issue manager for this process, and in accordance with existing laws, the stocks were officially listed on NEPSE on the 22nd of Mangsir in the year 2080.

    As indicated by its name, the “10% KBL Debenture 2090” is a debenture with a maturity period of 10 years and a fixed coupon rate of 10%.

  • Himalayan Capital and NEPSE Ink Agreement for Listing ‘Himalayan 80-20’ Fund

    Himalayan Capital and NEPSE Ink Agreement for Listing ‘Himalayan 80-20’ Fund


    Today, representatives from Himalayan Capital Limited and the Nepal Stock Exchange (NEPSE) finalized an agreement for the listing of “Himalayan 80-20.”

    Under the terms of the agreement, 10,00,00,000 units of “Himalayan 80-20” are set to be listed at a par value of Rs. 10 per unit. The subscription period for the issue was open to the general public from the 32nd of Shrawan to the 15th of Bhadra in the year 2080 and subsequently extended to institutions.

    Trading for the shares is anticipated to commence on Thursday. “Himalayan 80-20” is categorized as a closed-end fund and will be traded on the NEPSE platform. Notably, the fund comes with a maturity period of 10 years.

     

  • Government Commission Successfully Resolves Over 5,000 Usury Complaints, Returns Assets to Victims

    Government Commission Successfully Resolves Over 5,000 Usury Complaints, Returns Assets to Victims


    The Commission formed by the government to investigate and resolve cases related to usury has effectively handled 5,155 out of the 28,000 received complaints, according to Uttamraj Subedi, a Commission member and Additional Inspector General of Police. Since its inception, the Commission has facilitated the return of 218 bigha 10 kattha 7 dhur (793) to victims from usurious lenders through reconciliation.

    In their study, the Commission found documented transactions exceeding Rs 5.857 billion between victims and loan sharks. The lenders asserted a pending recovery of over Rs 1.62 billion from victims. Notably, a consensus settlement between the parties resolved transactions totaling over Rs 1.72 billion, as disclosed by the Commission.

    Victims’ applications were collected from April 30 to May 28, with 21,552 complaints registered from eight districts in Madhesh Province and 1,862 from Nawalparashi Paschim. Gauri Bahadur Karki, the Commission Chairperson, confirmed that the Commission submitted its report to the Prime Minister last Tuesday. Karki added that among the 39 districts, 29 reported cases, both registered and resolved, indicating that 39 districts had no usury problems.

    To tackle issues related to loan-sharking, the government established a three-member high-powered Commission, and the corresponding law was passed and enforced by the Parliament. The Commission’s dedicated efforts underscore a commitment to safeguarding vulnerable individuals from usurious practices.

  • Kamana Sewa Bikas Bank Limited Initiates Auction of 5,09,892 Promoter Shares: Exclusive Opportunity for Former Promoter Shareholders

    Kamana Sewa Bikas Bank Limited Initiates Auction of 5,09,892 Promoter Shares: Exclusive Opportunity for Former Promoter Shareholders


    The current promoters of Kamana Sewa Bikas Bank Limited (KSBBL) have initiated the auction of 5,09,892 units of shares, starting from the 25th of Mangsir, 2080. This auction is exclusively open to interested former promoter shareholders of the bank. Eligible bidders have a 35-day window from the publication date of this notice, which is also the 25th of Mangsir, to submit their bids. Bids should be submitted at the central office of the bank, situated in Gyaneshwor, Kathmandu.

    In the event that no bids are received from the existing former promoter shareholders within the stipulated timeframe, the shares will subsequently be made available for auction to the general public. The closing price of KSBBL stood at Rs. 318 in the previous trading session. It is noteworthy that as of the 15th of August, 2023, KSBBLP (presumably referring to the bank’s promoter shares) has a Last Traded Price (LTP) of Rs. 156.00.

    This auction notice outlines the terms and conditions for former promoter shareholders to participate in the bidding process, emphasizing the specific timeframe and location for bid submission. The market values of KSBBL and KSBBLP provide additional context to potential bidders regarding the current financial standing of the bank and its promoter shares.

  • “Nepal Life Insurance Company Disburses Rs 69.62 Arba in Claims, Demonstrates Efficient Settlement Process”

    “Nepal Life Insurance Company Disburses Rs 69.62 Arba in Claims, Demonstrates Efficient Settlement Process”


    Nepal Life Insurance Company has resolved insurance claims totaling Rs 69.62 Arba as of the end of Ashoj, 2080. The disbursements primarily include death-related claims distributed among 13,512 policyholders and their nominees, encompassing both local and international beneficiaries, with a cumulative payout of Rs 5.68 Arba. The company, aiming for efficiency, has successfully settled 93% of claims by the conclusion of Ashoj. Furthermore, it commits to a swift resolution for accidental death-related claims within 3 working days and other death-related claims within 7 working days, contingent on complete documentation. Notably, the insurer has achieved a commendable record, settling 46% of claims within 3 days, 67% within 7 days, and 81% within 1 month of the comprehensive documentation submission, as highlighted in the media statement.

  • NIC Asia Bank Conducts Auction for Sana Kisan Bikas Laghubitta Promoter Shares

    NIC Asia Bank Conducts Auction for Sana Kisan Bikas Laghubitta Promoter Shares


    “NIC Asia Bank Limited Initiates Auction for SKBBL Promoter Shares”

    Commencing from the 24th of Mangsir to the 29th of Poush, 2080, NIC Asia Bank Limited (NICA) has initiated an auction for the promoter shares of Sana Kisan Bikas Laghubitta Bittiya Sanstha Limited (SKBBL).

    The auction involves 3,92,657 units of SKBBL promoter shares and is open to qualified interested promoter shareholders of Sana Kisan Co-operative and other promoter shareholders. However, the notice stipulates that priority will be given to Sana Kisan Co-operative. The minimum bid rate for the auction is set at Rs. 348, with a minimum bid quantity of 1,000 units for promoter shares.

    While bidders have the option to bid for the entire issue, they are required to adhere to the Nepal Rastra Bank’s regulations, ensuring that the specified quantity of shares per entity is not exceeded. NIC Asia Capital has been appointed as the auction manager for this issue.

    As of the latest update, SKBBL has a Last Traded Price (LTP) of Rs. 881.

  • Nabil Bank Announces Issuance of 9% Nabil Debenture 2087 with Rs. 3 Arba Target

    Nabil Bank Announces Issuance of 9% Nabil Debenture 2087 with Rs. 3 Arba Target


    Nabil Bank Limited (NABIL) has issued an offer letter announcing the issuance of 30,00,000 units of “9% Nabil Debenture 2087” to the general public. The debentures, featuring a maturity period of 7 years and a coupon rate of 9%, will be open for subscription from the 29th of Mangsir to the 3rd of Poush, 2080. In the event of undersubscription, the deadline may be extended until the 13th of Poush, 2080.

    The debentures, valued at Rs. 1000 per unit, will have a total issuance of 30 lakh units. Of this, 60%, equivalent to 18 lakh units, will be subscribed through private placement. The remaining 12 lakh units, amounting to Rs. 1.2 Arba, will be available for public issuance, with 5% of this allocation reserved for mutual funds. The total proceeds from the issuance are expected to reach Rs. 3 Arba.

    Kumari Capital Limited has been appointed as the issue manager for this debenture offering. Interested investors can apply for a minimum of 25 units and a maximum of 12,00,000 units.

    ICRA Nepal has reconfirmed the issuer rating of [ICRANP-IR] AA- – (pronounced ICRA NP issuer rating Double A minus) for Nabil Bank Limited. This rating indicates a high level of safety concerning the timely fulfillment of financial obligations, reflecting a very low credit risk associated with the bank.

  • Prabhu Insurance Initiates Auction of 19,79,424 Promoter Shares of Nepal Reinsurance Company Limited

    Prabhu Insurance Initiates Auction of 19,79,424 Promoter Shares of Nepal Reinsurance Company Limited


    Prabhu Insurance Limited has initiated an auction for 19,79,424 units of promoter shares belonging to Nepal Reinsurance Company Limited (NRIC). The auction period is set to run from the 19th to the 26th of Mangsir, 2080.

    During this auction, the specified 19,79,424 units of promoter shares of Nepal Reinsurance Company Limited will be available for bidding. Interested promoter shareholders or institutions are invited to participate, with a minimum bid rate of Rs. 280. The bidding parameters for promoters’ shares include a minimum bid quantity of 10,00,000 units and a maximum bid quantity of 19,79,424 units.

    Prabhu Capital Limited is overseeing the auction process as the auction manager. At the time of this report, Nepal Reinsurance Company Limited (NRIC) has a Last Traded Price (LTP) of Rs. 610.

  • Kumari Bank Initiates Auction of 22,000 Promoter Shares: Exclusive Opportunity for Existing Promoter Shareholders

    Kumari Bank Initiates Auction of 22,000 Promoter Shares: Exclusive Opportunity for Existing Promoter Shareholders


    The current promoter of Kumari Bank Limited (KBL) has initiated the auction of 22,000 units of shares, exclusively available to interested existing promoter shareholders starting today. Nagendra Prasad Bimali aims to sell these units to current promoter shareholders, and interested parties are invited to participate in the auction within 35 days from the publication date of this notice, which is the 19th of Mangsir.

    Individuals looking to participate in the auction should submit their bids either at the central office of the bank in Tangal, Kathmandu, or at Kumari Capital Limited located at Naxal, Nagpokhari, Kathmandu. In the absence of bids from existing founder shareholders within the specified timeframe, the shares will subsequently be made available for auction to the general public. As of the last trading day, KBL closed at Rs. 150.40, and KBLPO reported a Last Traded Price (LTP) of Rs. 101.00 as of December 3, 2023.

    In a similar auction notice, the existing promoter of Machhapuchchhre Bank Limited (MBL) is auctioning 62,165 units of shares, available exclusively to interested existing promoter shareholders starting today. Indu Kumari Karki intends to sell these units to current promoter shareholders, and interested individuals are encouraged to bid within 7 days from the publication date of this notice, which is the 19th of Mangsir.

    Bidders for MBL shares should submit their bids at Machhapuchchhre Capital Limited located at Sundhara, Kathmandu. If there are no bids from existing founder shareholders within the stipulated timeframe, the shares will subsequently be open for auction to the general public. MBL closed at Rs. 184.90 on the last trading day, and MBLPO has an LTP of Rs. 136.00 as of May 10, 2023.

  • Citizens Bank International Limited Initiates Auction of Promoter Shares: Exclusive Opportunity for Existing Promoter Shareholders

    Citizens Bank International Limited Initiates Auction of Promoter Shares: Exclusive Opportunity for Existing Promoter Shareholders


    The current promoter of Citizens Bank International Limited (CZBIL) has initiated the auction of 70,490.61 units of shares, exclusively available to interested existing promoter shareholders, starting today.

    Ila Sharma plans to divest 70,490.61 units of promoter shares, and the auction is open exclusively to current promoter shareholders. The minimum bid rate for the auction has been set at Rs. 150. Those interested in participating in the auction are urged to submit their bids within 35 days from the publication date of this notice, i.e., by the 18th of Mangsir.

    To participate, shareholders are required to submit their bids at the central office of the bank, situated at Narayanhiti Path, Kathmandu. In the event that no bids are received from the existing founder shareholders within the stipulated timeframe, the shares will subsequently be made available for auction to the general public.

    As of the last trading day, CZBIL closed at Rs. 162. Additionally, CZBILP reported a Last Traded Price (LTP) of Rs. 108.00 as of October 1, 2023.

     

  • People’s Power Limited Announces 50% Right Share Issuance for Capital Expansion and Project Development

    People’s Power Limited Announces 50% Right Share Issuance for Capital Expansion and Project Development


    In accordance with the decision made during the Board of Directors meeting of People’s Power Limited (PPL), the company has resolved to issue right shares at a ratio of 1:0.5, equivalent to 50% of the existing shares.

    The decision, made during the meeting held on Mangsir 17, entails the issuance of 50% right shares based on the current paid-up capital of Rs. 63.26 Crores. Consequently, upon the issuance of 31,63,000 units of right shares, the company’s paid-up capital will be revised to Rs. 94.89 Crores.

    The company has expressed its intention to utilize the funds raised for various purposes, including ongoing project maintenance, resolving payment discrepancies, exploring new projects, identifying investment opportunities, creating employment, and contributing to national capital through equity rights. However, it’s important to note that the issuance of these right shares is subject to approval from regulatory bodies, particularly the Electricity Regulatory Commission.

    As of the latest available information, PPL concluded its last trading day at Rs. 214.20.