First Business News Portal in English from Nepal
Telecommunication service provider company Ncell has been transformed into a public company. With this, Ncell Pvt. Ltd. will now be known as Ncell Axiata Limited. All its operations will now be carried under the Ncell Axiata Limited.
Pursuant to Article 13 (1) of the Companies Act 2063, there is a provision to transform a private limited company into a public company if its paid-up capital is more than Rs. 5 crores. Ncell’s paid-up capital is Rs 10 crores.
With the transformation into a public company, Ncell now has to issue its shares to the public. The company can sell up to 20% of its shares to the public.
Axiata currently owns 80% of Ncell and local partner Bhavana Singh Shrestha owns the remaining 20%. It should be noted that Ncell is the largest taxpayer company in Nepal in the fiscal year 2076/77. Ncell has paid almost Rs 34 billion to the government as income tax alone.
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