Axiata Group to exit Ncell

Nov 29, 2023 01:35 PM Merolagani

Axiata, the major shareholder of Ncell has decided to exit the company.

The board of directors meeting of Axiata Group Barhad decided to exit Nepal citing increasing challenges.

Axiata has 80 percent shares in Ncell. The remaining 20 percent shares are with Sunivera Capital Venture Pvt. Ltd.

In the BOD meeting, Vivek Sood, Group Chief Executive Officer and Managing Director of Axiata said “The outlook in Nepal is increasingly challenging, thus, the Board has decided to exit Nepal and accordingly reclassify Ncell as an asset held for sale. We believe this move will place Axiata in a much stronger position to deliver on our strategic priorities and is in the bsest long-term interest of all our shareholders.”

Meanwhile, Purshottam Khanal, Chairman of Nepal Telecommunication Authority informed that the regulatory body has not been informed regarding the matter by the group.

 

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