Century Commercial Bank starts distributing IPO allotment slips, refunds from 9th March

A day after allotting the Initial Public Offering (IPO) worth Rs 92 crore, Century Commercial Bank Limited has stated that it will start distributing allotment slips and refund the non-allottees from March 9 i.e. coming Sunday.

The IPO was allotted yesterday at the head office of the commercial bank in Kathmandu at 7.90percent to retail investors who had applied up to Rs 50,000 and 3.09 percent to big investors.

However, those who had applied for up to Rs 12,000 had fallen under lottery.

The bank has stated that the allotment advices and the refund can be collected from the respective centers where the applicants had filed their IPO application firms.

Century’s IPO was oversubscribed by 24.48 times.

The IPO, which was issued from January 9, had closed on January 13.

Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.

Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.

ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.

Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion has now risen to Rs two billion, as per the regulatory requirement.

It may be noted that there was a huge response to the IPOs issued by three commercial banks — Civil Bank, Commerz and Trust Bank Nepal and Mega Bank—had issued their IPO over the last one year.

Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.

Source: sharesansar, 5th March 2014
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Civil Bank, Civil Merchant and Axis bank merged

Endorsing the final deal on the merger through their special Annual General Meetings held yesterday, Civil Bank Limited, Civil Merchant Bittiya Sanstha and Axis Development Bank Limited have decided to name the merged entity as ‘Civil Bank Limited’.

The separately held special AGMs also gave the final nod to the swap ratio of 1:0.79 for the commercial and the other two BFIs following DDA Report prepared by BRS Neupane and Company.

They have also decided to retain the Board of Directors and senior officials of all three BFIs. It may be noted here that they decided to retain these officials as Civil Bank and Civil Merchant have common promoters.

Following the decision, the incumbent Chief Executive Officer of Civil Bank Kishore Maharjan has been retained as the CEO of the merged entity.

With the merger the bank will now have 49 branches and 25 ATM counters.

Notbaly Nepal Stock Exchange Limited (NEPSE) has suspended the trading of shares of all three BFIs in the merger process in October.

Civil Bank and Civil Merchant Bittiya Sanstha are owned by the Civil Group while Axis Development Bank was formed following the merger of Pashupati Development Bank and Udyam Development Bank.

Civil Bank has a paid-up capital of Rs 2 arba, reserve and surplus of Rs 15.3 crore. It had posted a net profit of Rs 12.12 crore in the last fiscal year, and its EPS stands at 7.56 and has a net worth 107.65.

Axis Development Bank has a paid-up capital of Rs 71.81 crore, reserve and surplus of Rs 9.42 crore, and it earned a net profit of Rs 2.03 crore. Its EPS stands at Rs 2.84 and it has a net worth of 113.13.

Similarly, Civil Merchant Bittiya Sanstha has a paid-up capital of Rs 16.65 crore, reserve and surplus of Rs 3.17 crore. It had posted a net profit of Rs 1.32 crore in the last fiscal year, and its EPS stands at 7.98 and has a net worth 119.16.

Source: sharesansar, 4th March 2014
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Samsung Galaxy S5 to be launched in Nepal by mid-April

KATHMANDU, March 2: Samsung Galaxy S5 will hit the Nepali market by the second week of April.

Officials of International Marketing Service (IMS) said the new offering from the South Korean technology giant will take Samsung mobiles to a new high in Nepal as well as in the global market.

The phone was announced during Mobile World Congress, Barcelona on February 24. It is being launched globally in the first week of April.

“We are trying our best to unveil the phone in Nepal during the global launch in the first week of April. If it´s not possible, we will unveil it a week later,” Dikesh Malhotra, president of IMS, said.

According to initial reviews, S5 stands ahead of other competitor phone models like iPhone 5S, Sony Xperia Z2 and Nokia Lumia 1520.

Malhota said Galaxy S5 is likely to be priced below Galaxy Note 3. The phablet costs Rs 81,500 in the Nepali market.

The Galaxy S5 comes with updated features of Galaxy S4 including faster processor and improved camera that can also record ultra high-definition video, and a larger battery. It has 5.1-inch Super Amoled display with 1920x1080 resolution compared to 5-inch screen of its predecessor. The phone is powered by 2.5 GHz Snapdragon 801 quad-core processor. It runs on Android 4.4.2 KitKat operating system.

Samsung has incorporated water resistant technology in the Galaxy S5. The handset weighs 145 grams. The edges of the device feature the same familiar silver accents as that in Galaxy S4 and Note 3, according to the company.

The Galaxy S5 has 2GB RAM and internal storage of 32 GB. It sports an 8MP rear camera with Samsung´s ISOCELL technology that boosts photography in low light settings, according to the company. The phone is powered by 3000 mAh battery power.

Malhotra said Galaxy S5 will be liked by Nepali users. He said the company hopes to sell 1,000 units of S5 per month.

IMS has sold more than 10,000 units of Galaxy S4 so far.

Source: myrepublica, 2nd March 2014
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NIC Asia to distribute 20% Cash Dividends

The first Annual General Meeting of NIC Asia Bank Limited following the merger of NIC Bank and the Bank of Asia has concluded in Biratnagar endorsing 20 percent cash dividend to the commercial bank’s shareholders from the net profit it posted in the last fiscal year 2069/70.

Addressing the AGM, the bank management informed that cash dividend will be distributed from March 4.

Observed as the 16th Annual General Meeting, the annual event also elected Jagadish Prasad Agrawal, Trilok Chandra Agrawal, Tulsi Ram Agrawal, Lokmanya Golchha and Ram Chandra Sanghai as the directors from among the promoters and Rajendra Prasad Aryal, Birendra Kumar Sanghai and Binod Kumar Pyakurel as the public directors.

During the AGM, the management of the merged bank, which had posted a net profit of Rs 64.20 crore in the last fiscal year, has informed that 14 more branches and many more ATM counters will be added in the current fiscal year to expand the service of the bank.

Source, Sharesansar, 2nd March 2014
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South Korea allocates 5,700 jobs for Nepali workers

KATHMANDU, MAR 02 -

 

The South Korean human resource department has allocated 5,700 jobs to Nepali workers for 2014 under the Employment Permit System ( EPS ). The workers will be selected from a roster of some 9,700 aspirant Nepali migrants who have successfully completed the Korean language test. South Korea had hired 5,234 Nepali migrants in 2013.

 

Korea Employment Permit System ( EPS ) in Nepal said the quotas will be applicable to those who will work in the manufacturing sector. The ceiling allocated to Nepali workers is the fourth largest in terms of quantity after Cambodia, Indonesia, and Thailand. 

 

South Korea currently hires workers from fifteen countries under the EPS and plans to hire some 53,000 workers this year. Around 64,000 were hired last year. Lee Dong Sirk, human resource director at the Korea EPS centre in Nepal, said his government has given priority to Nepali workers despite overall fall in job demands due to their good track records and the tendency to return back home. “Those who have three years of work experience in Korea can apply again after passing the special Korea language test. The recruitment process has been simplified for such workers,” Lee told reporters on Friday.

 

The EPS centre in Nepal holds a special language test every month. The upcoming test will be held on March 12 and the exam forms can be collected from February 26 to March 2. The result of the test will be published on March 31. For both fresh workers and reentrants, successfully completing the Korean language test alone does not guarantee a job in Korea, the centre added. 

“We request the aspirant migrants not to be misled and leave the job in hand unless they receive the labour contract. Passing the language only qualifies workers to to be enlisted in the roster and a skill test enhances their chance of selection,” said Lee. The South Korean government has increased the minimum salary of migrant workers by seven percent. 

EPS ‘aware’ of Nepalis’ deaths

 

Korea Employment Permit System ( EPS ) in Nepal has said that it is ‘aware and concerned’ of the rising number of deaths among Nepali workers in South Korea. Responding to a recently released report of Nepali Embassy in South Korea, the EPS Center in Nepal said the Korean government has also taken the matter seriously.The report states that 57 Nepali migrant workers have died in South Korea between 2007 and 2013, with a majority of them categorized as suicide and the ‘sudden unexpected death syndrome’. 

 

The Post on December 13 had published the report. The report shows that various factors including workers’ difficulty in adapting to the new environment, tough working conditions and inhumane treatment at the hands of employers all play a role in raising fatalities of Nepali workers.

 

 Lee Dong Sirk, human resource director at the Korea EPS centre in Nepal, said stress and depression causing from difficulty in adapting to the work and new environment could, likely, be the cause of rising deaths. He said that the proportion of death of Nepali workers in Korea is not as serious as in the Gulf countries, but quickly added that his government wants to address the issue nonetheless. 

 

“We are concerned about these deaths. We are looking into the causes and seeking solutions to tackle it,” Lee told the Post. The report shows that nineteen people died in first eleven months of 2013, while only eight deaths were reported a year earlier.

 

Source: ekantipur, 2nd March 2014

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Number of Troubled Cooperatives on the rise

KATHMANDU: The number of troubled cooperatives has doubled in the last three months.

The number of savings and credit cooperatives that are considered crisis ridden reached 148, by the end of February. Back in early December, there were 71 such troubled institutions when a high level committee to inquire into problematic savings and credit cooperatives was formed.

So far, the victims have lodged 16,859 complaints of financial misappropriation against the cooperatives. Among the total complaints lodged, the commission has processed 9,348 claims worth Rs 5.8 billion.

The commission chaired by Gauri Bahadur KC had formally started working in the first week of December. The commission has so far summoned chairpersons of 65 cooperatives. But only 17 have appeared at its office, including Sudhir Basnet of Oriental Cooperatives and Rajendra Shakya of Guna Multipurpose Cooperatives.

Two weeks back, the commission wrote to the Police Headquarters requesting it to round up chairpersons of 48 financial cooperatives that had failed to report to the commission. Following this, seven cooperatives sent their representatives to the commission’s office.

Source: The Himalayan Times, 28th Feb 2014
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Century Commercial Bank IPO allotment from March 3rd

The Initial Public Offering (IPO) worth Rs 92 crore issued by Century Commercial Bank Limited will be allotted on March 3 at the office of the commercial bank in Kathmandu, according to highly placed sources privy of the development.

The reliable sources also informed that the IPO allotment model is such that the IPO will be allotted at an impressive 7.90percent to retail investors who had applied up to Rs 50,00 and at  just 3.09 percent to big investors.

This means that the smaller investors will be benefitted more from the allotment as has been the policy of the regulator and the key stakeholders in the market.

“The allotment model has been designed in such way also because there were more applicants who applied for more than Rs 50,000,” one of the sources told ShareSansar.
“To explain with an example, those who had applied for Rs 50,000 will get 40 units of the shares while those who applied for, say, Rs 51,000 will get just 16 units.”

However, the sources further informed that those who had applied for up to Rs 12,000 who fall under lottery.

According to the issue manager, they are planning to distribute the allotment slips and refund the non-allottees will begin in five working days from the allotment (i.e. by March 9).

Century’s IPO was oversubscribed by 24.48 times.

The IPO, which was issued from January 9, had closed on January 13.

Century’s IPO was one of the most expected events in the stock market not just because of its sheer volume but also because it is the last IPO to be issued by any commercial bank of the country.

Nepal Rastra Bank has stopped issuing license to the commercial bank, and, on the contrary, has been directing the commercial banks and other BFIs to seek merger.
The offering was also special in that it was the largest IPO to be issued by any private bank in the country, second only to primary shares worth Rs 96 crore floated by Agriculture Development Bank Limited.

ICRA Nepal had assigned an ‘[ICRANP] IPO Grade 4+’ to Century Bank’s IPO, which is not at all bad by any standards.

Following the IPO, the commercial bank’s paid-up capital of Rs 1.08 billion will rise to Rs two billion, as per the regulatory requirement.

It may be noted that there was a huge response to the IPOs issued by three commercial banks — Civil Bank, Commerz and Trust Bank Nepal and Mega Bank—had issued their IPO over the last one year.

Civil Bank’s IPO was oversubscribed by seven times, Commerz and Trust’s IPO was oversubscribed by 11 times and Mega Bank’s IPO was oversubscribed by 22 times.


Source: Sharesansar.com, 28th Feb 2014
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