Ncell to issue ordinary shares, Ncell being public company
By Rabindra Dhungel, Kathmandu, Fri, 7 Aug 2020 . Telecommunication service provider Ncell has been transformed into a public limited company. Ncell, which was earlier registered as a private company, has received permission from the Registrar of Companies to conduct business as a public limited company.
Article 12 of the Companies Act 2063 stipulates that a telecommunication service provider company with a paid-up capital of more than Rs. 50 million must be registered as a public limited company. Ncell’s paid up capital is Rs. 100 million. Along with the change in share structure, the name of the company has also changed to Ncell Axiata Limited.
After being transformed into a public company, Ncell has been watching to see when it will issue an IPO in the secondary market. As long as TeliaSonera is owned by Ncell, its officials have been saying that it will issue shares in the secondary market. However, after the transfer of ownership of Ncell to the Malaysian company Axiata, the company has not taken the lead in issuing shares.