Ncell’s Stake Acquisition by Spectrlite UK Ltd Marks a Significant Turn in Ownership

The reason behind the decision of Axiata Group, the parent company of Ncell, to exit Nepal.

KATHMANDU: In a major development, Ncell has officially confirmed a sale transaction between Spectrlite UK Ltd and Axiata UK Ltd. Spectrlite will acquire a 100% stake in Reynolds Holdings, based in Saint Kitts and Nevis, which holds 80% of Ncell’s shares. This acquisition is expected to bring about strategic changes, focusing on service expansion, quality enhancement, and digital innovation.

Mr. Satish Lal Acharya, owner of Spectrlite UK and of Nepali origin currently residing in Singapore, expressed his enthusiasm, stating, “Spectrlite is pleased to acquire a controlling share in Ncell. Leveraging my telecom industry experience, I aim to collaborate with Ncell’s management to introduce innovations, investments, and a diverse range of life-enhancing services for the people of Nepal.”

Jabbor Kayumov, CEO & Managing Director of Ncell, shared his optimism about the change in ownership, stating, “Ncell looks forward to collaborating with new shareholders to transform into a world-class Nepali-driven data and communications hub. Our refined plans will emphasize substantial prospects for expanding service offerings, ensuring Ncell’s continued leadership in national digital services and internet access.”

This acquisition signifies a new era for Ncell, promising exciting developments and advancements in the telecommunications landscape.

Fiscal Nepal |
Saturday December 2, 2023, 08:03:51 PM |

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