Nepal Telecom share sale disappoints

27 Feb 2008

The sale of shares in Nepali fixed line incumbent Nepal Telecom (NT) has fallen short of government expectations, with far fewer applications than expected received from the public for the 15 million shares on offer. The state had hoped to receive applications worth around NPR15 billion (USD230.5 million) in its public share offer, but had failed to receive sufficient interest by yesterday’s closing date. According to Nepal News, the exact number of shares to be placed is not yet available although the Citizen Investment Trust (CIT), the issuing manager on the offer, estimates that NT has received applications worth NPR2.5 billion. The telco was offering NPR100 worth of shares at a premium price of NPR600 each.

Nepal, Nepal Telecom (NT)