Axiata has converted its Nepalese unit Ncell into a public limited company branded as Ncell Axiata Limited.
The operator was previously registered as Ncell Pvt Ltd, but in accordance with the Company Act of 2006, any telecom company with paid-up capital over NPR50 million (US$413,151) must re-register as a public company.
As noted by CommsUpdate, Ncell’s paid-up public capital stands at NPR100 million. As a public firm, Ncell must make 20% of its shares available for public purchase, although it has not yet revealed how it intends to do so. Currently Ncell is 80% owned by Axiata Group, and 20% owned by local firm Sunivera Capital Ventures.
Separately from its new status as a public company, Ncell has also announced the launch of a new fixed-wireless broadband service for domestic and enterprise use, branded as ‘Wirefree+’.