Sunivera to sign deal to buy 20% of Ncell Stock

Kathmandu January 46- After Swedish company TeliaSonera, the majority stakeholder of Ncell announced it would be pulling out of,  Nepal Sunivera Capital Ventures has initiated to sign a Share Purchase Agreement (SPA) to obtain local investor Niraj Govinda Shrestha’s 20 percent stake in Ncell.

With this, the process of transferring the shares belonging to Niraj Govinda Shrestha to Sunivera Capital Ventures owned by Bhavana Singh Shrestha has begun. Niraj Govinda Shrestha will be selling 200,000 shares of Ncell at Rs100 per unit as per the documents submitted by Sunivera to the Department of Industry.

The actual value of the shares, however, will be fixed by mutual agreement between the buyer and the seller since Ncell is a private company. The two parties will reveal the true value of the transaction to the Office of the Company Registrar, based on which the Inland Revenue Department will determine the applicable taxes. Meanwhile, the Department of Industry (DoI) has agreed in principle to the transfer of the shares, according to a source at the department.
“The department has agreed in principle on the condition that the company increase its capital and capacity. As per the condition, the company has also applied to boost its capital,” the source said.

Last December, TeliaSonera announced that it would be selling 80 percent of Ncell stock, valued at Rs140 billion ($1.4 billion), to Malaysian-based company Axiata. As per the agreement initialed between the two companies, TeliaSonera will sell its 60.4 percent stake in Ncell to Axiata at around $1.03 billion. Axiata will also buy the 19.6 percent stake owned by the Visor Group of Kazakhstan. Source: TKP