The Electricity Regulatory Commission has given final approval to Liberty Energy Company Limited (LEC) to issue 1 right share for every 2 existing shares held by its shareholders. In its 11th, 12th, and 13th AGM held on 25th Baisakh, the company agreed to provide its shareholders with 50% right shares. The total value of these shares is Rs. 75 Crores, and this issuance will increase the company’s paid-up capital from Rs. 1.50 Arba to Rs. 2.25 Arba.
Liberty Energy Company Limited (LEC) has released its third-quarter report for the fiscal year 2079/80, revealing a net loss of Rs. 7.99 crores. In the corresponding quarter of the previous fiscal year, the company had incurred a loss of Rs. 1.99 crores.
The financial expense for LEC amounted to Rs. 14.17 crores, which the company attributed to various force majeure events occurring during the construction period. These events have adversely affected the company’s profitability.
On the positive side, LEC generated revenue of Rs. 13.11 crores from the sale of electricity. Additionally, the company’s administrative and other operating expenses have significantly decreased by 65.23%, reducing to Rs. 57.05 lakhs up to the third quarter of the current fiscal year.
LEC maintains a paid-up capital of Rs. 1.50 Arba. However, the company’s financial performance is reflected in its negative earnings per share (EPS) ratio of -5.33 and a below-average net worth per share of Rs. 83.03.
At the end of the third quarter of FY 2079/2080, the closing price of LEC’s shares stood at Rs. 270.
The Upper Dordi “A” Hydropower Project, owned by LEC and located in Lamjung district, has been in continuous operation during the third quarter. As per the implementation of Nepal Financial Reporting Standards (NFRS), all overhead costs not directly attributable to the project or its construction have been transferred to the profit or loss account, resulting in a negative EPS. The commercial operation of the project began in Mangsir, 2079.
LEC has also completed the feasibility study and Initial Environmental Examination (IEE) for other projects, namely the Badigad Khola Hydropower Project (24.6 MW) in Baglung and the Lodo Hydropower Project (1.6 MW) in Lamjung. The company has applied for the generation license at the Department of Electricity Development (DOED) for these projects.
During the 13th Annual General Meeting (AGM) held on Baisakh 25, 2080, under the leadership of Mr. Kush Kumar Joshi, the chairman of the company, LEC’s proposal to issue 50% of right shares worth Rs. 75 crores to existing shareholders was approved.
Rawa Energy Development Ltd is a public limited company that was founded as a private limited company on August 16, 2009 and later converted to a public limited company on June 28, 2019. It is promoted by businesspeople with extensive experience in hydropower and other sectors for the establishment of Hydroelectric Projects (HEP) in Nepal. In Khotang District, the company operates a 3 MW Upper Rawa Khola Small Hydropower Project (URKHP), which has been in commercial operation since September 20, 2020. The project is being built using the BOOT (Build, Own, Operate, and Transfer) model.
Mr. Ujjwal Satyal, Mr. Sushil Kaji Baniya, and Mr. Sujan Siddhi Bajracharya from the promoter’s group were elected, as were Ms. Lisa Sherchan, Mr. Ganga Sagar Dhakal, and Mr. Naresh Dhungana from the public shareholder group.
The bank’s network currently includes 112 branches and 30 ATM booths.
Insurance companies are competing with one another to collect more premiums. Out of its 1.4 crore total active insurance policies, life insurance companies collected a total premium of Rs. 93.75 Arba during the fiscal year 2079/80.
According to a report published by the Nepal Insurance Authority, Nepal Life Insurance Company Limited collected Rs. 24.37 Arba on its own, with 978,626 active insurance policies as of Falgun, 2079.
Gurans Life Insurance Company Limited (GLICL) has scheduled its 13th Annual General Meeting for the 6th of Baisakh, 2080. The meeting will begin at 10:30 a.m. that day at the company’s headquarters in Tinkune, Kathmandu.
Among the other items on the agenda, the AGM will approve 13.2712772% bonus shares for fiscal year 2078/79. The Board of Directors decided on Chaitra 09 to distribute 13.2712772% bonus shares for fiscal year 2077/78. The dividend will be paid from the company’s paid-up capital of Rs. 2,23,93,70,000. The bonus shares are thus worth Rs. 29,71,93,000. Pass the resolution to amend the Articles of Association to reflect the increased capital of the company as a result of the issuance of bonus shares.
For the first eight months of the current fiscal year 2079/80, the government’s budget deficit exceeded Rs. 1.56 Kharba. By the end of Falgun, the government had spent 7.79 Kharba of its budget, but had only collected 6.22 Kharba in total revenue.
Meanwhile, only 22.15% of capital expenditure (CAPEX) is used until the end of Falgun’s fiscal year 2079/80.
The government’s capital expenditure is the money spent on the development of physical assets. In Nepal, the capital budget is funded by balancing domestic revenue after the recurrent budget, grants, and loans have been met. According to the Financial Comptroller General Office, only Rs. 84.25 Arba of the capital budget has been spent out of the targeted budget of Rs. 3.80 Kharba.
Hydroelectricity Investment & Development Company Limited (HIDCL) has listed 43,57,185 units right shares on NEPSE.
From the 22nd Magh to the 8th Falgun, 2079, HIDCL auctioned off 2,21,97,325 units of promoter share. Individuals, institutions, and businesses could all bid in the auction. However, only 141 bidders submitted bids for 43,57,185 unit shares. The cut-off rate was Rs. 100. NEPSE now lists the same right
According to the Nepal Rastra Bank, inflation remained at 7.88 percent year on year. During the mentioned period, the gross foreign exchange reserves stood at USD 10.50 billion, while total imports and exports decreased by 19.9 percent and 29 percent, respectively, and the trade deficit decreased by 18.7 percent.
The outstanding concessional loan was Rs.210.96 billion as of mid-February 2023, with 148,295 borrowers. For selected commercial agriculture and livestock businesses, Rs.142.56 billion has been extended to 61,335 borrowers. Similarly, 84,105 women entrepreneurs have received loans totaling Rs.65.19 billion. A total of 2,855 borrowers have received concessional loans in other specified sector
The second plan of the Prabhu Capital Collective Investment Fund is now available for issue and sale as of 18 Falgun 2079. This fund issued 8 crore units worth Rs 80 crore at a fixed price of Rs 10 per unit.
Prabhu Bank Ltd is the fund promoter of this plan, while Prabhu Capital Limited is the scheme manager. This is a closed-ended plan. This scheme will invest 35 to 90 percent of the proceeds from unit sales in shares, making it an equity-oriented scheme.
Prabhu Bank Limited has obtained 1.12 crore units out of a total of 8 crore units available, while Prabhu Capital Limited has secured 8 lakh units.
Trishuli Jal Vidhyut Company Limited (TJVCL) will begin collecting the remaining sum for the shares offered to the general public today, the 17th of Falgun. The collection began on 18th Mangsir, 2079.
From the 7th to the 11th Chaitra, 2075, the company issued 3,705,000 units of IPO shares with a par value of Rs. 100 and an initial call amount of Rs. 10.
Employees received 3% of the total 3,705,000 units, or 111,150 unit shares, with the remaining 3,593,850 unit shares issued to the general public.
Investors could purchase shares by paying only 10%, or Rs. 10, of the share value, with the remaining 90%, or Rs. 90, to be paid later.
The Vijaya Laghubitta Bittiya Sanstha Limited (VLBS) transaction has been halted, according to the official notice of the Nepal Stock Exchange (NEPSE), since the business declared dividends to be given to shareholders without first receiving authorisation from NEPSE.
At 6:35 PM on Magh 25, after business hours, Nepal Stock Exchange received the letter from VLBS regarding the dividend declaration for the Fiscal Year 2078/79. However, on Magh 10 itself, Vijaya Laghubitta held a meeting to suggest dividends to the shareholders.