KATHMANDU, Nov 15:
Oberoi Hotels Pvt Ltd, an international hotel chain, sold out its entire stake in the Soaltee Hotel. As many as 1,020,144 shares worth Rs 142.82 million under its ownership were sold to Nepali firm Sibkrim Land and Industries of the NE Group on Tuesday.
The deal is the first transaction under the block share trading at Nepal Stock Exchange (Nepse),
which was launched today only.
“With the sale of 10,20,144 units of shares to Sibkrim Land and Industries, Oberoi Hotels Pvt Ltd has no more ownership in Soaltee Hotel,” said Anjan Raj Poudel, proprietor of Thrive Brokerage House that intermediated for Oberoi Hotels. The shares were sold at Rs 140 per unit, lower by Rs 46 per unit from previous closing price in the stock market.
Similarly, Nepal Investment and Securities Trading had brokered for the buyer firm. The Ministry of Industry had agreed to the Sales and Purchase Agreement (SPA) signed on September 14, 2011.
In the courses of institutional development and providing more facilities to investors in stock market, Nepse launched a separate window under the Automated Trading System (ATS) for block share trading from Tuesday.
The new system has been introduced as per the Securities Market Membership and Trading By-laws 1998, which envisages the stock market can fix the opening price and set limit for changes in the price of certain securities.
With the commencement of the new system, bulk traders of shares would benefit from the market where the prevailing prices are not preferred by them.
Shambhu Panta, Spokesperson for Nepse, said transaction of over one percent of the total shares of a particular company falls under block share trading.
“The newly-introduced block share trading brings to an end the possibility of manipulation of share price by the broker as both buyer and seller agree on the price per share before approaching the brokers,” said Panta.
The new facility would pave the way for foreign direct investment with the creation of a conducive environment for repatriation of return on investment in line with the prevailing laws.
Source: Republica
Oberoi Hotels Pvt Ltd, an international hotel chain, sold out its entire stake in the Soaltee Hotel. As many as 1,020,144 shares worth Rs 142.82 million under its ownership were sold to Nepali firm Sibkrim Land and Industries of the NE Group on Tuesday.
The deal is the first transaction under the block share trading at Nepal Stock Exchange (Nepse),
which was launched today only.
The international hotel chain had 6.84 percent stake in Soaltee Hotel, a leading five-star hotel in Kathmandu.
“With the sale of 10,20,144 units of shares to Sibkrim Land and Industries, Oberoi Hotels Pvt Ltd has no more ownership in Soaltee Hotel,” said Anjan Raj Poudel, proprietor of Thrive Brokerage House that intermediated for Oberoi Hotels. The shares were sold at Rs 140 per unit, lower by Rs 46 per unit from previous closing price in the stock market.
Similarly, Nepal Investment and Securities Trading had brokered for the buyer firm. The Ministry of Industry had agreed to the Sales and Purchase Agreement (SPA) signed on September 14, 2011.
In the courses of institutional development and providing more facilities to investors in stock market, Nepse launched a separate window under the Automated Trading System (ATS) for block share trading from Tuesday.
The new system has been introduced as per the Securities Market Membership and Trading By-laws 1998, which envisages the stock market can fix the opening price and set limit for changes in the price of certain securities.
With the commencement of the new system, bulk traders of shares would benefit from the market where the prevailing prices are not preferred by them.
Shambhu Panta, Spokesperson for Nepse, said transaction of over one percent of the total shares of a particular company falls under block share trading.
“The newly-introduced block share trading brings to an end the possibility of manipulation of share price by the broker as both buyer and seller agree on the price per share before approaching the brokers,” said Panta.
The new facility would pave the way for foreign direct investment with the creation of a conducive environment for repatriation of return on investment in line with the prevailing laws.
Source: Republica
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