Corporate News October 2013

TeliaSonera to Sell Hello Mobile Shares

TeliaSonera, the parent company of Ncell, will sell Nepal Satellite Telecom’s share, operator of ‘Hello Mobile’, to an American company due to regulatory reasons. In 2012, TeliaSonera had bought 57 per cent of shares from Nepal Satellite Telecom. In a press statement issued on September 11, TeliaSonera informed that they are going to sell the shares to an American company Zhodar Investment, which is based in British Virgin Islands. The selling process of the shares will be completed within a month, reads the press release. 

 

“Over the past year, uncertainty regarding regulatory and legal environment for consolidation and granting of licenses in Nepal has increased. Pursuing an acquisition of Nepal Satellite is therefore not possible for regulatory reasons,” the statement read. 

 

TeliaSonera, had incurred a loss of nearly 400 million Swedish Kronor, which is approximately Rs 6.19 billion.

 

The company has said that the agreement will enable it to concentrate on Ncell, which reduces the business risk and complexity of its total involvement in Nepal.

 

Food Drinks and Hospitality Expo Concludes

The Seagram’s Royal Stag Food Drinks & Hospitality Exhibition 2013 concluded on September 22. The Exhibition 2013 hosted 122 exhibitors, 3 thematic pavilions, 5 special events and showcased various products and services of the food, beverage and hospitality industry.

 

According to the organisers, the exhibition was visited by a total of 45840 visitors of which 9840 were business visitors and 36000 consumers. 

 

The American Franchise Pavilion, Hospitality Education Mart, Morde Master Baker Challenge, Monin Best Bartender Contest, Master Chef Challenge were some of the attractions of the expo.

 

The exhibition was organized by House of Rajkarnicar Exhibitions & Events in recognition of the tremendous growth in the sector.