Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Ncell has formally addressed the share purchase agreement between Axiata and Spectrlite UK Limited, submitting a comprehensive response. Ncell is currently in the process of gathering the necessary documentation related to the share sale and has assured that it will expedite the required approval procedures in a timely manner.
During a meeting of the Finance Committee under the Federal Parliament on Wednesday, Purushottam Khanal, the Chairman of the Nepal Telecommunication Authority, provided insights into Ncell’s response.
Khanal further said that the number and process of buying and selling shares of Ncell are questionable and will be investigated.
The Authority had, on December 1, 2023, directed Ncell to secure approval before engaging in the purchase and sale of shares. This directive was issued by the regulatory body in response to the public disclosure that a British company, Spectrlite UK Limited, had acquired 80 percent of Ncell.
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