KATHMANDU: Ncell is becoming cent per cent Nepali-Origin, owned company and now the company focuses on creating value for Nepali consumers by contributing to the government in achieving the aspirations of Digital Nepal vision, the company said in a press statement.
According to the press statement, the shareholder of Spectrlite UK, Satish Lal Acharya, who is of Nepali origin said, “Axiata ran a competitive process for the sale of its shares in Reynolds Holdings (a St Kitts company), with Spectrlite emerging as the winner amongst several bidders. The pricing and structure of the transaction were determined on a willing buyer and seller basis. As per the agreed deal structure, Axiata is set to receive a base payment, along with additional benefits in the form of profit-sharing for the next five years, extending until 2029. The transaction places the Enterprise Value of Ncell at approximately $400 million, to be realised gradually over time contingent upon the company’s performance. Beyond the financial aspects, this transformative deal signifies the evolution of Ncell towards a greater Nepali-origin ownership and management”.
It is said that Axiata has provided comprehensive details of the transaction in its press statement, ensuring transparency.
Ncell has till date fulfilled its tax obligations, as verified by the Tax Office. Additionally, any taxes applicable to this deal will be handled in strict accordance with the laws of Nepal. Ncell has expressed commitment to upholding tax compliance throughout this process, reassuring stakeholders of its responsible financial practices.
Meanwhile, Ncell is in discussions with the Nepal Telecommunications Authority (NTA) to secure the necessary consents.
While changes are occurring at Ncell, the company has assured that this will have no impact on the quality of services provided. The company expressed commitment to delivering high-quality services to all its customers.
According to the statement, "Ncell is poised with a strong commitment and capability to diversify its digital services, enriching the lives of millions of Nepalis. The imperative for ongoing expansion of network infrastructure, beyond mobile connectivity, further underscores the significant opportunities that lie ahead for the country. As Ncell embarks on this transformative journey, it is not merely adapting to change but actively contributing to the digital evolution of Nepal."
Meanwhile, the Personal Secretariat of Prime Minister Pushpa Kamal Dahal has urged all concerned not to spread propaganda relating to Ncell's share sale without factual evidence.
The Secretariat has also objected to the misleading information about the implication of the Secretariat and the Prime Minister in the Ncell case.
