Everest Insurance reopens under IB management

KATHMANDU, DEC 06 - 

Everest Insurance has resumed operations after a break of several months since it was taken over by the Insurance Board (IB). According to the IB team looking after the management of the non-life insurance company, it is back to business as usual. 

IB Deputy Director Kundan Sapkota said they had recently renewed the agreement with General Indian Corporation of India for reinsurance of fire-related claims. We have been selling fire insurance since last week, he said. 

The IB took over Everest Insurance after its management stopped normal business activities for several months. It dissolved the company board and suspended the chief executive officer before sending a three-member team to take over the management. 

The IB team said they had been successful in clearing over 400 claims worth Rs 10.9 million in the last two months after they took over the management. Beside these, we have approved and forwarded a number of Discharge Vouchers to Everest Insurance clients waiting for their final approval in settling the claims, he said. 

Of the total claims pending, more than half were related to automobiles. 

Similarly,

Share Trading Starts Trading in Dharan.

Dharan, Dec 6, 2013

ABC Securities has started trading from Dharan, a financial hub for the large parts of eastern hilly districts of the country. ABC Securities Nepal Private Limited (Broker No. 17) is a brokerage firm registered with Nepal Stock Exchange Limited (NEPSE). 

Issuing a statement yesterday, the company informed that Remote Work Station (RWS) in Dharan, which was inaugurated by NEPSE Deputy General Manager Sambhu Pant yesterday, saw a trading of 19,905 unit shares through 57 transactions worth over Rs 1.39 crore on the first day itself.

With the establishment of the RWS, the investors of Dharan and surrounding areas can easily trade in Nepali equity while it will also help boost the market depth by giving access to new investors.

It may be noted here that the investors in Dharan and the surrounding areas had requested NEPSE officials to provide a RWS in Dharan during the last investor awareness campaign organized by SEBON last year.

LICN Auction Share Allotted and Money Return Notice

Kathmandu, Dec 5, 2013


Life Insurance Co.Nepal ltd has allotted 35468 units of Right share on 4 Dec, 2013 (19 

Mangsir, 2070)and returning money from 6 Dec, 2013 (21 Mangsir, 2070).

Kalika Micro Credit Development Ordinary Share Certificate Distribution.

Kathmandu - Dec 3

Kalika Micro Credit Development Bank Ltd. is distributing 200000 units of ordinary share 

certificate from 4 Dec, 2013 (19 Mangshir, 2070).

The Issue Manager of Kalika was NMB Capital Market.

Neco and Premier Insurance Cos. to merge in first ever such merger in Nepal

ShareSansar, December 2, 2013

Neco Insurance Limited and Premier Insurance Company (Nepal) Limited have decided to merge.

The two companies signed a memorandum of understanding for the merger on Friday, according to the officials of both the companies.

This is the first merger process between any two insurance companies in Nepal.

Following the MoU, both the insurance companies have even filed an application for the LOI at the Insurance Board on Sunday.

Nepal Stock Exchange Limited (NEPSE) has suspended the trading of the shares of both the companies from Sunday due to the merger process.

The officials of both the companies have said that their capital base as well as all other financial and organizational aspects will be better after the merger.

LICN rights shares auction: Rs 1,750 cut-off price

Kathmandu

The auction of 35,468 units of unclaimed rights shares of Life Insurance Corporation (Nepal) Limited has concluded.

The bidders who bid below Rs 1,750 units did not get any shares in the auction since there were enough bidders above the cut-off rate, says NMB Capital Limited.

There were altogether 32 applications out of which there were seven applicants who bid for a unit share at more than Rs 1,900.

Likewise, there were 14 applicants who bid in between Rs 1,800 to 19,00 per unit, and 11 applicants who bid in between Rs 1,750 to 1,799 per unit.

A single party had bid for 10,000 units at Rs 1,750. There were two more bidders who had applied for 1,000 units and 200 units at the same rate.

The highest bid amount was Rs 1,926 per unit and the lowest was Rs 100. 
The bid opening had taken place yesterday Dec 1, on the first floor of Block Y of Kathmandu Plaza in the capital.

LIC (Nepal) had called application for the auction of unclaimed rights shares at a bid price of Rs 100 on November 21 after there was no application during the rights share issuance from September 9 to November 19.

The bid was closed on November 27.

Bidders could apply for a minimum of 100 units of rights shares and the maximum of 35,468 units.

Nagbeli Laghubitta IPO on Dec 8

Kathmandu-

Nagbeli Laghubitta Bikas Bank Limted is floating the Initial Public Offer (IPO) of 42,900 unit equity shares of face value Rs 100 from December 8. 

The micro-finance bank has appointed NMB Capital Market Limited as its issue managers.

Altogether 858 units have been set aside for the bank’s staff and 2,145 units to the mutual funds and the rest to the general public.

The IPO closes on December 11 or could be extended till December 22. The applicants must apply for at least 50 units and up to 5,000 units.

Chhimek Laghubitta proposes 48.23% dividend

Chhimek Laghubitta Bikas Bank Limited has proposed 48.23 percent dividend  in total of which -- 33.23 percent will be bonus share and 15 percent cash – to the shareholders from the net profit it earned in the last fiscal year 2069/70.

A meeting of the micro-finance development bank’s board of director has just decided to offer this dividend, which, however, is subject to the approval of Nepal Rastra Bank and the micro-finance’s Annual General Meeting which is decided to be held on December 24.

Chhimek Laghubitta Bikas Bank had posted net profit of Rs.10.77 crore in the last fiscal year.

Siddhartha Bank proposes 22% dividend

Siddhartha Bank Limited has proposed 22.11 percent dividend – 12 percent bonus share and 10.11 percent cash— to the shareholders from impressive net profit it registered in the last fiscal year 2069/70.

A meeting of the commercial bank’s board of directors held on Friday took the decision to this effect.

However, the proposed dividend is subject to the approval of Nepal Rastra Bank and the Annual General Meeting of Siddhartha Bank.

Subhechha Bikas Bank proposes 16.74% dividend

Kathmandu

Subhechha Bikas Bank Limited has proposed 16.74 percent dividend – 10 percent bonus share and 6.74 percent cash -- to its shareholders from the net profit it posted in the last fiscal year 2069/70.

NT connecting valley mobile towers with fibre optics

KATHMANDU, DEC 01 - 2013

Nepal Telecom (NT) is connecting all of its mobile towers in the Kathmandu valley with fiber optics. The move, as per the company, is focused on readying the network for increasing data service capacity and enhancing service quality.

Out of 694 base transceiver stations (BTS) installed in the valley, 385 have so far been linked to fiber, instead of traditional radio links, for transmission, according to NT.

Compared to radio and satellite transmission, optical fiber link is efficient, easy for maintenance and requires comparatively less investment. Low fault rate, higher bandwidth capacity and reliability for connectivity are the plus points of optical fiber connection. Telecom companies normally use three types of media — radio transmission, satellite link and optical fiber — for fixing connection of mobile towers.

NIC Asia bags (Bank of the Year) award

KATHMANDU:

NIC Asia Bank has received the prestigious ‘Bank of the Year 2013-Nepal’ award from The Banker - Financial Times Publication, London.

It is the world’s longest running international banking title and is a testament to the strong management, sound business model and prudent risk approach of the winning bank.

Earlier, NIC Bank bagged the award in 2007.

The award was announced by The Banker during its annual award hosting ceremony on November 28, in London. The event was attended by winning banks from 130 countries from across the globe. The award was announced and presented by the editors of The Banker magazine and former BBC correspondent Michael Buerk.