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Nepali partner sells shares

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by April 12, 2016 General

KATHMANDU: TeliaSonera has dissolved its economic interests in 20 per cent local ownership in Ncell and received approximately $48 million from the deal. These 20 per cent shares in Ncell were owned by Niraj Shrestha, a Nepali citizen, who was chosen by TeliaSonera as its local partner. The domestic law requires Nepali citizens to hold at least 20 per cent stake in a company. These shares have now been sold to Singapore-based Sunivera Capital Ventures owned by Bhavana Singh Shrestha, Axiata’s chosen local partner. Earlier in 2012, Shrestha had acquired a loan of $230 million from TeliaSonera on the back of his 20 per cent stake in Ncell.

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A version of this article appears in print on April 12, 2016 of The Himalayan Times.

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