Category: Articles & Updates

  • Kumari Bank Limited Initiates Promoter Share Auction: Exclusive Opportunity for Existing Shareholders

    Kumari Bank Limited Initiates Promoter Share Auction: Exclusive Opportunity for Existing Shareholders


    The current promoters of Kumari Bank Limited (KBL) have initiated an auction for the sale of 3,40,016 units of shares exclusively to the existing promoter shareholders. The sellers include Srijana Paneru Neupane, who plans to sell 3,33,702 units, Hari Bahadur Thapa with an intention to sell 1,050 units, and Tarka Bahadur Budhathoki aiming to sell 5,264 units of promoter shares. Prospective buyers are invited to submit their bids within 35 days from the date of this notice’s publication, which is December 12th, 2023.

    Interested shareholders are required to place their bids at the central office of Kumari Bank Limited, situated in Naxal, Kathmandu. If there are no bids received from the existing founder shareholders within the specified time frame, the shares will subsequently be made available for auction to the general public.

    As of December 27th, 2023, Kumari Bank Limited (KBL) concluded trading at a closing price of Rs. 160.90. Additionally, the Kumari Bank Limited Promoter Share (KBLPO) recorded a Last Traded Price (LTP) of Rs. 108.00 as of December 20th, 2023.

  • Revival of Real Estate Expo: Unveiling Trends, Solutions, and Innovations in Nepal’s Property Market

    Revival of Real Estate Expo: Unveiling Trends, Solutions, and Innovations in Nepal’s Property Market


     

    The Nepal Land and Housing Development Association has announced the revival of the ‘Real Estate Expo,’ scheduled to run for four days starting Thursday. The event, previously halted since 2076 due to the COVID-19 pandemic, is expected to provide valuable insights into the current state of the real estate industry, along with addressing its challenges and solutions.

    Bidur Dhamala, President of the association and Coordinator of the Fair Coordinator Committee, highlighted the expo’s role in contributing to the development and expansion of the real estate business. The event aims to bring together businesses and consumers involved in scientific, orderly, and safe land development and urbanization for construction.

    The association envisions the expo as a platform where significant contributors to the real estate sector can showcase their latest products and services, fostering information exchange and networking. With a target turnover of 2.5 arba rupees during the four-day fair, the event will feature 60 stalls representing earthquake-resistant houses and apartments, land planning and development, construction material manufacturers and sellers, engineering and architecture consultants, as well as banking and insurance companies.

    Businesses specializing in electrical goods, furniture, pipes, sanitary ware fittings, paints, vehicles, decorative items, and insurance, banking, and architecture will participate in the expo, displaying their products and offering related consulting services.

    The ‘Real Estate Expo’ is poised to be a significant event for industry stakeholders, providing a platform for collaboration, knowledge-sharing, and showcasing the latest advancements in the real estate sector.

     

  • Prudential Capital Initiates Auction for Promoter Shares in Six Financial Institutions

    Prudential Capital Initiates Auction for Promoter Shares in Six Financial Institutions


    Prudential Capital Management Company Limited has initiated the auction of promoter shares from six financial institutions, namely Prabhu Bank Limited (PRVU), ICFC Finance Limited (ICFC), Nepal Life Insurance Company Limited (NLIC), Nepal Investment Mega Bank (NIMB), Kumari Bank Limited (KBL), and Prime Commercial Bank Limited (PCBL). The auction, spanning from the 11th Poush to the 19th Poush, 2080, is open to qualified interested parties, including promoter shareholders, the general public, and institutions.

    The auction involves 68,729 units of promoter shares from Prabhu Bank Limited, each with a minimum bid rate of Rs. 110 per unit. Interested bidders must meet a minimum bid quantity of 5,000 units. Similarly, Prudential Capital Management is offering 92,616 units of promoter shares from ICFC Finance Limited for auction, with a minimum bid rate set at Rs. 175 per unit and a minimum bid quantity of 10,000 units.

    For Nepal Life Insurance Company Limited, the auction encompasses 5,23,112 units of promoter shares, each available at a minimum bid rate of Rs. 325, and a minimum bid quantity of 10,000 units. Additionally, Prudential Capital Management is selling 1,09,678 units of promoter shares from Nepal Investment Mega Bank Limited with a minimum bid rate of Rs. 120 per unit and a minimum bid quantity of 10,000 units.

    The auction includes 5,49,626 units of promoter shares from Kumari Bank Limited, with a minimum bid rate set at Rs. 100 per unit, and a minimum bid quantity of 25,000 units. Furthermore, Prudential Capital Management is auctioning 49,717 units of promoter shares from Prime Commercial Bank Limited, with a minimum bid rate of Rs. 110 per unit and a minimum bid quantity of 5,000 units.

    Bidders are reminded to adhere to the regulations set by both Nepal Rastra Bank and Nepal Insurance Authority to ensure compliance with the specified quantity of shares per entity. Qualified interested parties, including promoter shareholders, the general public, and institutions, can participate in the auction until the 19th Poush. NIC Asia Capital Limited is designated as the auction manager for all six auctions.

  • Prudential Capital Initiates Auction of Shine Resunga Development Bank Promoter Shares

    Prudential Capital Initiates Auction of Shine Resunga Development Bank Promoter Shares


    Prudential Capital Management Company Limited has initiated the auction of 2,04,537 units of promoter shares belonging to Shine Resunga Development Bank Limited (SHINE). The auction commenced on the 11th of Poush, 2080.

    In this auction, the specified quantity of promoter shares for SHINE is 2,04,537 units, with a minimum bidding rate set at Rs. 120 per unit. Interested bidders must adhere to the minimum bid quantity of 5,000 units for promoter shares, while also complying with the Nepal Rastra Bank’s regulation limiting the share quantity per entity. The auction is open for participation by promoter shareholders, the general public, and institutions until the 19th of Poush.

    The auction management responsibility falls on NIC Asia Capital Limited.

    As of the latest available information, SHINE has a Last Traded Price (LTP) of Rs. 398.90.

  • NEPSE Ends Suspension on Muktinath Bikas Bank Securities Trading Following Dividend Disclosure Delay

    NEPSE Ends Suspension on Muktinath Bikas Bank Securities Trading Following Dividend Disclosure Delay


    NEPSE, the Nepal Stock Exchange Limited, has decided to end the suspension on the trading of securities for Muktinath Bikas Bank Limited (MNBBL). This follows a temporary pause resulting from MNBBL’s delayed submission of information related to the dividend declaration for the fiscal year 2079/80.

    In an official statement, NEPSE disclosed that MNBBL failed to provide timely details about the dividend declaration, a requirement stipulated by the Securities Listing Regulations, 2075. These regulations mandate that companies communicate notices, information, and decisions affecting securities prices to NEPSE on or before the day of business commencement.

    The decision regarding the dividend declaration for the fiscal year 2079/80 was made during MNBBL’s board meeting on the 5th of Poush. However, the information about this decision reached NEPSE a day later, on the 6th of Poush, leading to an immediate suspension of MNBBL securities trading. NEPSE sought clarification from MNBBL within a three-day timeframe.

    MNBBL responded to NEPSE’s inquiry, explaining that the delay was unintentional and was a result of coincidental timing. They clarified that the discussion on the dividend took place during the meeting at 4:30 P.M. on the 5th of Poush.

    Despite MNBBL’s clarification, NEPSE, in a decision dated 2080/09/11, issued a warning to MNBBL and directed the resumption of the suspended securities transactions. The warning underscores MNBBL’s obligation to fully comply with the Securities Listing Regulations, 2075, and its associated terms.

  • Purwanchal Lube Oil Limited Announces 24th AGM with Key Agendas and Company Overview

    Purwanchal Lube Oil Limited Announces 24th AGM with Key Agendas and Company Overview


    Purwanchal Lube Oil Limited has scheduled its 24th Annual General Meeting (AGM) for the 29th of Poush, 2080. The venue for the meeting is set to be the Company Register Office in Sundarharaicha, Morang, Biratchowk, commencing at 11 AM on the specified day.

    The proposed agendas for the AGM include the endorsement of the company’s annual report, approval of the auditor’s report for the fiscal year 2079/80, along with Profit and Loss (PNL) statements, financial reports, and cash flow reports. Additionally, the AGM will address the appointment of auditors and the determination of their remuneration for the fiscal year 2080/81. Other items on the agenda involve the proposal of cash dividends (including tax) and bonus shares for existing shareholders, the issuance of an Initial Public Offering (IPO) to the general public, and the passage of resolutions related to necessary amendments to the company’s rules and regulations.

    Furthermore, the AGM aims to authorize the Board of Directors to modify the Articles of Association and Regulations, allowing for adjustments or additions related to the issuance of primary shares in accordance with directives from regulatory bodies.

    Established in 2000 by Purwanchal Lube Oil Pvt Ltd, Purwanchal Lube Oil (PLO) has become a prominent lubricant brand in the Nepali market. Over the past 23 years, the company has been manufacturing Engine Oil, Lubricants, Grease, and other petroleum products. PLO has successfully distributed its products through a network of more than 93 dealers and over 11,000 retailers across Nepal, offering a variety of imported lubricant brands.

  • Gold Prices Surge in Nepal: Rs. 600 Increase per Tola from Monday’s Rates

    Gold Prices Surge in Nepal: Rs. 600 Increase per Tola from Monday’s Rates


    The price of gold has experienced an uptick, rising by Rs. 600 per tola (fine gold) in today’s trading compared to Monday’s rates. The Federation of Nepal Gold and Silver Dealers’ Association (FENEGOSIDA) reports that fine gold is currently being traded at Rs. 1,20,500 per tola, reflecting a Rs. 600 increase from Monday’s trading price of Rs. 1,19,900 per tola. Similarly, Tejabi gold is available at Rs. 1,19,900 per tola today, marking a Rs. 550 increase from the Monday price of Rs. 1,19,350 per tola. In tandem with the trend in gold, the price of silver has also risen, showing a 10 rupee gain. The current silver price stands at Rs. 1,485 per tola, whereas Monday’s rate was Rs. 1,475 per tola.

  • Gupteshwor Mahadev Cave in Pokhara Generates Impressive Annual Revenue of 54.2 Million Rupees

    Gupteshwor Mahadev Cave in Pokhara Generates Impressive Annual Revenue of 54.2 Million Rupees


    The Gupteshwor Mahadev Cave in Chhorepatan, Pokhara, renowned for its historical and religious significance, has announced an impressive annual revenue of 54.2 million rupees. As a favored destination among tourists exploring Pokhara, the cave attracts visitors for its cultural and religious importance.

    Information disclosed during the 28th Annual General Meeting of the Gupteshwor Mahadev Cave Conservation Committee reveals that the revenue was generated through various channels. Ticket sales played a significant role, contributing Rs. 42.8 million, while the donation box collected Rs. 2.7 million. Additional funds were sourced from donation receipts (Rs. 5.1 million), bank interest (Rs. 1.6 million), and income generated from rented business complexes and memberships.

    During the inauguration of the AGM, Chief Judge of Pokhara High Court, Madhav Prasad Pokharel, emphasized the importance of channeling the earnings from religious sectors towards the overall development of education, health, and society.

    The event also took the opportunity to acknowledge the contributions of Gandaki Provincial Assembly Secretary Hariram Pokhrel and Dhanusha District Judge Yognath Dhakal, honoring them for their dedicated efforts in the conservation of the Gupteshwor Cave.

  • Bumper Orange Harvest Brings Prosperity to Ichchhakamana: Farmers Set to Earn Rs 100 Million

    Bumper Orange Harvest Brings Prosperity to Ichchhakamana: Farmers Set to Earn Rs 100 Million


    In Ichchhakamana rural municipality, a remarkable achievement in agriculture is anticipated as more than 450 farmers are projected to collectively earn Rs 100 million this year exclusively from orange cultivation. The Agriculture Development Section of the rural municipality has reported that the oranges cultivated by local farmers have garnered favorable prices, resulting in substantial income for the entire community.

    Currently, the selling price of oranges at the farmer’s orchard ranges from Rs 75 to Rs 90 per kilogram, as stated by Section Chief Ashish Tripathi. This success story unfolds across 80 hectares of land in Ichchhakamana rural municipality, with oranges cultivated on 60 hectares in the current year. Out of the 20,000 orange trees in the area, 15,000 have borne fruits.

    Tripathi acknowledged that although this year’s production is slightly lower than the previous year, the farmers have benefited from higher market prices. The Orange Growing Area Expansion Programme, introduced by the Agriculture Knowledge Centre (AKC) last year, led to an increased plantation area. However, the area with higher production did not witness a corresponding expansion.

    In comparison, the orange production for the current year has seen a 12 percent decrease compared to the previous year’s 1,650 metric tonnes, totaling 1,500 metric tonnes. Orange farming plays a crucial role in the economic activities of Ichchhakamana rural municipality and Bharatpur Metropolitan City-29, contributing significantly to the prosperity of these hilly regions in the Chitwan district.

  • Upper Tamakoshi Hydropower to Auction 1.7 Million Unsold Ordinary Right Shares

    Upper Tamakoshi Hydropower to Auction 1.7 Million Unsold Ordinary Right Shares


    Upper Tamakoshi Hydropower Limited (UPPER) is gearing up to conduct an auction for 1,70,19,530 unsold ordinary right shares that remained from its earlier 1:1 rights offering. The auction is scheduled to take place from the 13th to the 29th of Poush, 2080.

    The unsold portion of 1,70,19,530 units of ordinary right shares is the residual component from the company’s 1:1 ratio rights issuance, which was made available to its shareholders between the 18th of Bhadra and the 22nd of Ashwin, 2080. During the rights offering, only 8,88,80,470 units were allocated to eligible shareholders, leaving the remaining 1,70,19,530 units to be auctioned to the general public starting from the 13th of Poush.

    The auction is open to both individuals and institutions, and Sunrise Capital Limited has been appointed as the issue manager for this right share auction. The minimum bid rate for the auction is set at Rs. 100, with a minimum bid quantity of 100 units and a maximum bid quantity of 5,00,000 units. While bidders have the option to bid for the entire issue, they are required to adhere to regulatory guidelines limiting the quantity of shares per entity.

    As of the latest update, UPPER has a Last Traded Price (LTP) of Rs. 221.50.

  • Upper Tamakoshi Hydropower Successfully Allots 88.88 Million Units of Right Shares, Refunds Non-Allotted Investors

    Upper Tamakoshi Hydropower Successfully Allots 88.88 Million Units of Right Shares, Refunds Non-Allotted Investors


    On the 28th of Mangsir, 2080, Upper Tamakoshi Hydropower Limited (UPPER) successfully allocated 8,88,80,470 units of right shares to its shareholders. The company initiated the refund process for non-allotted investors starting from the 3rd of Poush, 2080.

    Upper Tamakoshi Hydropower Limited had conducted a 100% right shares offering, open from the 18th of Bhadra to the 22nd of Ashwin, 2080. During this offering, the hydropower company issued 10,59,00,000 units of right shares, amounting to Rs. 10.59 Arba, exclusively for its existing shareholders.

    As per the recent notice, only 8,88,80,470 units of the total right shares issued were allotted to eligible shareholders. The remaining 1,70,19,530 units of right shares will be subsequently made available for purchase through an auction. Sunrise Capital Limited served as the appointed issue manager for this process.

  • Nepal Investment Mega Bank’s 10% NIMB Debenture 2090 Secures Regulatory Approval

    Nepal Investment Mega Bank’s 10% NIMB Debenture 2090 Secures Regulatory Approval


    The Securities Board of Nepal has granted approval for Nepal Investment Mega Bank Limited’s “10% NIMB Debenture 2090.” The regulatory nod was received on Poush 2, 2080.

    The debenture issuance, titled “10% NIMB Debenture 2090,” comprises a total of 40.40 lakh units, with each unit having a par value of Rs. 1,000. Out of the total units, 16.16 lakh will be made available to the general public, while the remaining 24.24 lakh units will be subscribed via private placement.

    Prabhu Capital Limited has been appointed as the issue manager for the debenture issuance.

    As indicated by its name, the “10% NIMB Debenture 2090” comes with a maturity period of 10 years, set to mature in the year 2090 BS. Unitholders of the debenture can expect a 10% annual return on their investment.