NIMB Ace Capital Limited and Mount Everest Power Development Limited have entered into an agreement for the issuance of 2,580,000 ordinary shares. These shares will be made available to local residents in areas affected by the project and the general public, constituting 30 percent of the total issued capital. The signing ceremony included Mr. Arjun Prasad Poudel, the Chairman of Mount Everest Power Development Limited, and Sachindra Dhungana, the General Manager of NIMB Ace Capital Limited.
The focus of Mount Everest Power Development Limited is on the ongoing construction of the Dudhkunda Khola Hydroelectricity Project, boasting a 12 Mega Watt capacity. This project utilizes water from the Dudhkunda River and is situated in the Solukhumbu district. Remarkably, more than 80 percent of the construction work for this hydroelectric project has already been completed.
Under the terms of the agreement, NIMB Ace Capital Limited will provide Securities Issuance and Sales Manager services. This role involves overseeing all operations related to the public issue and management of ordinary shares for Mount Everest Power Development Limited. The collaboration aims to facilitate the allocation of shares to local residents and the broader public, contributing to the development and progress of the Dudhkunda Khola Hydroelectricity Project.