Tag: Approves

  • SEBON Approves IPO Proposal of Himalayan Re-insurance Limited, Premium Price Revised to Rs. 206 Per Share

    SEBON Approves IPO Proposal of Himalayan Re-insurance Limited, Premium Price Revised to Rs. 206 Per Share


    The Securities Exchange Board of Nepal (SEBON) has granted approval for the proposed initial public offering (IPO) of Himalayan Re-insurance Limited. This reinsurance company plans to issue 30,000,000 equity shares to the general public at a price of Rs. 206 per share, with a face value of Rs. 100 and a premium of Rs. 106 per share. This IPO issuance aims to raise a total of Rs. 6.18 Arba for the company. It’s noteworthy that the initial IPO price was set at Rs. 208 per share but has been revised to Rs. 206.

    The responsibility of managing this IPO issuance has been entrusted to NMB Capital Limited, and the application for SEBON’s approval was submitted on the 26th of Bhadra, 2080. Himalayan Re-insurance Limited is poised to become the second reinsurance company in Nepal to offer an IPO to the public.

    Himalayan Reinsurance, a pioneering private-sector reinsurance firm in Nepal, specializes in providing reinsurance support to both Life and Non-Life Insurance Companies, both within Nepal and internationally. The company obtained its operational license in 2021.

    The prominent promoters of Himalayan Reinsurance include leading business conglomerates in Nepal and significant financial institutions. Notable names among the promoters are Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem Gurung and Group, Ashlesha Enterprises, Allied Continental, and Balaji Marbles. Additionally, two of Nepal’s prominent commercial banks, Nepal Bank Limited and Rastriya Banijya Bank Limited, are among the promoters.

    As of the end of the third quarter, Himalayan Reinsurance had a paid-up capital of Rs. 7 Arba and maintained reserves and a surplus of Rs. 38.58 crores. The company displayed significant growth in Net Premium, with a remarkable 612.61% increase, totaling Rs. 3.38 Arba up to the third quarter of the fiscal year 2079/80.

    ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] A- (pronounced ICRA NP Issuer Rating A Minus) for Himalayan Reinsurance Limited. This rating indicates a reasonable level of safety regarding the timely servicing of financial obligations and suggests low credit risk associated with the company.

  • “SEBON Approves Vision Lumbini Urja’s Rs 38.25 Crore IPO Proposal”

    “SEBON Approves Vision Lumbini Urja’s Rs 38.25 Crore IPO Proposal”


    The Securities Exchange Board of Nepal (SEBON) has given its approval for the Initial Public Offering (IPO) of Vision Lumbini Urja Company Limited. This IPO is scheduled for Bhadra 05, 2080. In this offering, the company plans to release 3,825,000 equity shares, each with a nominal value of NPR 100. The total value of the IPO is set at Rs. 38.25 Crore, which represents 20% of the company’s existing issued capital. Following the allotment of shares through the IPO, the company’s total paid-up capital will increase to Rs. 1.91 Arba from the current Rs. 1.53 Arba. Muktinath Capital Limited has been appointed as the manager overseeing the IPO process, and the application for this IPO was originally submitted on Falgun 28, 2079.

     

  • “SEBON Grants Licenses to Five New Brokerage Firms”

    “SEBON Grants Licenses to Five New Brokerage Firms”


     

    The Securities Board of Nepal (SEBON) has recently approved licenses for five new brokerage firms. Sajilo Broker Company Ltd, Roadshow Securities Ltd, and Beni Securities Pvt. Ltd have been granted licenses for limited stock broking services, while Himalayan Securities Ltd and Sunny Securities Company Ltd. have been approved as full operating brokerage service providers. These licenses were awarded based on the evaluation of meeting required infrastructure criteria. Earlier, SEBON had issued preliminary licenses or letters of intent to 43 companies in three separate phases.

     

  • “Government Approves Cyber Security Policy for Digital Safety”

    “Government Approves Cyber Security Policy for Digital Safety”


     

    During a Cabinet meeting on Tuesday, a significant decision was made to approve the Cyber Security Policy 2080. This step, confirmed by the Ministry of Communication and Information Technology, sets the stage for the upcoming Cyber Security Bill. The government aims to create a secure and advanced cyber environment in the country with this policy.

    With this policy in place, the Ministry expects to play a crucial role in strengthening the nation’s information and technology systems. They plan to achieve this through various methods and workforce development. This includes establishing strong laws and institutions, increasing public awareness, and promoting skill-building. Before being officially adopted, the policy draft received input and feedback from various stakeholders.

  • SEBON Approves 35% Right Shares of Multipurpose Finance Company; Issue of 15.82 Lakh Shares Imminent

    SEBON Approves 35% Right Shares of Multipurpose Finance Company; Issue of 15.82 Lakh Shares Imminent


     

    The Securities Board of Nepal (SEBON) has given its approval to Multipurpose Finance Company Limited (MPFL) for a rights offering. MPFL plans to issue 35% right shares valued at Rs. 15.82 Crores, which will involve distributing 1,582,000 (1:0.35) units of right shares to its existing shareholders. Currently, MPFL has a paid-up capital of Rs. 45.20 Crores, and after the issuance of the right shares, its paid-up capital will increase to Rs. 61.02 Crores. Muktinath Capital has been appointed as the issue manager for this process. The application for the rights offering was submitted to the board on Falgun 29, 2079.

     

  • NRB Approves Merger of National and Summit Microfinance

    NRB Approves Merger of National and Summit Microfinance


    The Nepal Rastra Bank (NRB) has given its final approval for the merger between National Microfinance Laghubitta Bittiya Sanstha Limited (NMFBS) and Summit Laghubitta Bittiya Sanstha Limited (SMFDB). National Microfinance (NMFBS) issued a press release announcing the approval. The merger proposal by National Microfinance was presented at a Special General Meeting (SGM) and was later finalized through a merger agreement signed by both companies’ boards of directors.

     

  • “Ankhukhola Hydropower Approves 150% Right Shares at 15th AGM”

    “Ankhukhola Hydropower Approves 150% Right Shares at 15th AGM”


     

    During its 15th Annual General Meeting, Ankhukhola Hydropower approved a 150% increase in right shares for its current shareholders. The funds raised through these shares will be invested in the development of the 20 MW Ankhukhola Hydropower 2 project, which is currently being promoted by Ganesh Himal Hydropower Company. The company plans to allocate 60% of the funds to the Ankhukhola 2 project and utilize the remaining amount to repay its outstanding loans, according to a media statement.

  • SEBON Approves IPOs for Chirkhwa Hydropower and Mathillo Mailun Khola Jalvidhyut

    SEBON Approves IPOs for Chirkhwa Hydropower and Mathillo Mailun Khola Jalvidhyut


     

    SEBON Approves IPOs for Chirkhwa Hydropower and Bhagwati Hydropower

    The Securities Exchange Board of Nepal (SEBON) has given the green light to the initial public offering (IPO) proposals of Chirkhwa Hydropower Limited and Bhagwati Hydropower Development Company Limited on Ashad 20, 2080. Chirkhwa Hydropower will issue 1,200,000 equity shares at a par value of NPR 100 each, amounting to Rs. 12 Crore, which is 30% of the company’s issued capital. The total paid-up capital for the company will be Rs. 40 crore after the IPO allotment. RBB Merchant Banking Limited has been appointed as the issue manager for the IPO issuance, with the proposal initially submitted on Kartik 17, 2079.

     

  • “SEBON Approves 100% Right Shares Issuance for Upper Tamakoshi Hydropower Limited”

    “SEBON Approves 100% Right Shares Issuance for Upper Tamakoshi Hydropower Limited”


    The Securities Board of Nepal (SEBON) has given its approval for Upper Tamakoshi Hydropower Limited (UPPER) to issue 100% right shares. The company plans to issue shares worth NPR 10.59 Arba, equivalent to 105,900,000 units of right shares on a 1:1 basis to its existing shareholders. The application for this proposal was submitted to SEBON on Falgun 18, 2079.

    Once the proposed right shares are adjusted, the paid-up capital of Upper Tamakoshi Hydropower Limited will increase to NPR 21.18 Arba. Sunrise Capital has been appointed as the issue manager for this process.

    Upper Tamakoshi Hydropower Limited operates the 456-MW Upper Tamakoshi Hydroelectric Project in the Dolkha district of Bagmati Province, Nepal. As of mid-July 2022, the company’s paid-up capital stands at NPR 10,590 million, with 51% held by promoters and 49% held by the public. The project, which is the largest operational project in Nepal, is of the peaking run-of-the-river (PROR) type, with a peaking capacity of four hours, developed at a 32% probability of exceedance (Q32).

  • NEPSE Approves Membership for Seven New Brokerage Companies, Expanding Market Services

    NEPSE Approves Membership for Seven New Brokerage Companies, Expanding Market Services


    NEPSE Approves Membership for Seven New Brokerage Companies

    The Nepal Stock Exchange (NEPSE) has confirmed the membership of seven new brokerage companies. These companies have met the criteria and received approval from NEPSE’s Board of Directors.

    Expansion of Brokerage Services

    The seven newly approved companies include Bhole Ganesh Securities Limited, Capital Max Securities Limited, Himalayan Brokerage Company Limited, Sun Securities Private Limited, Miyo Securities Private Limited, Sharepro Securities Private Limited, and Property Wizard Limited.

    Phase Two Approval

    In the second phase, 11 additional companies obtained licenses from the Securities Board of Nepal (SEBON). Mega Stock Markets Limited can now operate as a full securities broker. Nabil Securities Limited, the sole applicant for a broker company with a dealer’s license, also received approval.

    Inspection and Testing

    NEPSE is currently inspecting the infrastructure of new brokers to ensure compliance with regulations. Brokers are preparing their IT manpower and establishing connections through an Application Programming Interface (API) for testing purposes.

    Membership and Business Activities

    After receiving NEPSE’s permission, brokers will need to obtain membership from the CDS and Clearing Limited. Once this process is complete, brokers can begin their business activities in the stock market.

    Preparations Underway

    Brokers are actively managing staff and preparing their infrastructure for smooth operations in the market. They are working to meet requirements and ensure a successful entry.

    NEPSE’s Internal Examination

    NEPSE’s Board of Directors will conduct an internal examination of the NEPSE-30 index before determining its operational date. This demonstrates NEPSE’s commitment to a well-functioning stock market.

  • SEBON Approves Himalayan Capital’s “Himalaya 80-20” Mutual Fund Scheme with 10 Crore Units

    SEBON Approves Himalayan Capital’s “Himalaya 80-20” Mutual Fund Scheme with 10 Crore Units


     

    The Securities Board of Nepal (SEBON) has given its approval for the “Himalayan 80-20” mutual fund scheme, which is valued at Rs 1 Arba. This closed-end scheme will offer 10 crore unit shares with a par value of Rs 10 per share. The scheme is sponsored by Himalayan Bank Limited (HBL) and managed by Himalayan Capital Limited. It is noteworthy that this is the first mutual fund scheme to be operated by Himalayan Capital.

  • ADB Approves $50M Loan to Boost Nepal’s Trade

    ADB Approves $50M Loan to Boost Nepal’s Trade


     

    The Asian Development Bank (ADB) has approved a $50 million USD loan to help Nepal boost its domestic and international trade. Trade and industry currently make up 14.1% of Nepal’s GDP. The Nepalese government aims to increase the trade sector’s contribution by improving trade and export promotion, enhancing customs and logistics systems, and strengthening the supply chain for primary products. This includes focusing on efficient transport, transit arrangements, and border procedures.