Ncell converts into public company

 

Kathmandu: Nepal’s telecom giant Ncell has converted into a public limited company.

The private company got permission for public ownership after it registered itself at the Company Registrar’s Office on Monday.

Now, the company is in the process of issuing IPO to the public. The company had filed an application to become a public company back in April, 2018.

According to the amended provision of Companies Act 2063, any telecom company having paid-up capital of more than Rs 50 million have to convert into public limited company.

With the transformation into a public company, Ncell now has to issue its shares to the public. The company can sell up to 20% of its shares to the public.