The Securities Board of Nepal (Sebon) has given the go-ahead to Upper
Tamakoshi Hydropower to issue shares in the company to its financiers
and locals in the project area.
Chief of the Upper Tamakoshi Project Bigyan Shrestha said the company planned to issue 36,006,000 ordinary shares in the next two months.
Sebon Spokesperson Niraj Giri said the board gave its permission to issue shares on Friday. Shares will be allocated to the local people in the project area, depositors at the Employees Provident Fund (EPF) and other institutions that have provided loans to build the 456 MW hydropower project.
The shares were planned to be issued by the end of September. However, the approval process was delayed after some dissatisfied persons filed a case at the Supreme Court against the allocation of shares to EPF employees. “The Supreme Court has not issued any stay order, so we have given the green signal to issue the primary shares,” said a source.
As per Sebon, 10,590,000 shares will be set aside for the locals of Dolakha district who have been directly affected by the construction of the project. These shares represent 10 percent of the total primary shares that the project has planned to issue.
Depositors at the EPF will get 18,299,520 shares. Similarly, 3,049,920 shares will be allotted to the employees of the investing institutions, namely the EPF, Citizens Investment Trust, Nepal Telecom and Rastriya Beema Sansthan.
Likewise, 4,066,560 shares have been reserved for the employees of the Nepal Electricity Authority (NEA).
Sebon’s approval to issue shares covers 34 percent of the total number of primary shares.
According to Sebon officials, 15 percent of the total shares will be offered to the general public in an initial public offering.
The primary shares to be issued to the staff and locals can be traded on the secondary market only after three years.
The company’s paid-up capital is Rs 10.52 billion. The construction of the hydro project is targeted to be completed by April 2016.
A majority 51 percent of the shares in the company will be held by four public entities—NEA, Nepal Telecom, Citizens Investment Trust and Rastriya Beema Sansthan. The NEA will have a 41 percent stake, Nepal Telecom 6 percent and Citizens Investment Trust and Rastriya Beema Sansthan 2 percent each.
source: the kathmandu post,5 jan 2015
LINK
Chief of the Upper Tamakoshi Project Bigyan Shrestha said the company planned to issue 36,006,000 ordinary shares in the next two months.
Sebon Spokesperson Niraj Giri said the board gave its permission to issue shares on Friday. Shares will be allocated to the local people in the project area, depositors at the Employees Provident Fund (EPF) and other institutions that have provided loans to build the 456 MW hydropower project.
The shares were planned to be issued by the end of September. However, the approval process was delayed after some dissatisfied persons filed a case at the Supreme Court against the allocation of shares to EPF employees. “The Supreme Court has not issued any stay order, so we have given the green signal to issue the primary shares,” said a source.
As per Sebon, 10,590,000 shares will be set aside for the locals of Dolakha district who have been directly affected by the construction of the project. These shares represent 10 percent of the total primary shares that the project has planned to issue.
Depositors at the EPF will get 18,299,520 shares. Similarly, 3,049,920 shares will be allotted to the employees of the investing institutions, namely the EPF, Citizens Investment Trust, Nepal Telecom and Rastriya Beema Sansthan.
Likewise, 4,066,560 shares have been reserved for the employees of the Nepal Electricity Authority (NEA).
Sebon’s approval to issue shares covers 34 percent of the total number of primary shares.
According to Sebon officials, 15 percent of the total shares will be offered to the general public in an initial public offering.
The primary shares to be issued to the staff and locals can be traded on the secondary market only after three years.
The company’s paid-up capital is Rs 10.52 billion. The construction of the hydro project is targeted to be completed by April 2016.
A majority 51 percent of the shares in the company will be held by four public entities—NEA, Nepal Telecom, Citizens Investment Trust and Rastriya Beema Sansthan. The NEA will have a 41 percent stake, Nepal Telecom 6 percent and Citizens Investment Trust and Rastriya Beema Sansthan 2 percent each.
source: the kathmandu post,5 jan 2015
LINK
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