KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.
Sadhana Laghubitta distributing IPO today
Sadhana Laghubitta Bittiya Sanstha distributed its Initial Public Offer (IPO) on Monday.
According to Sales Manager Global IME Capital, the IPO distributed at its office in Jamal. A total of 458,643 applicants had applied for 11,259,850 units of shares worth Rs 1,125,985,000.
The company had issued 707,800 units of shares (IPO) worth Rs 70,780,000 since July 5.
Out of the issued shares, 0.50 percent (10,890 units of shares) has been allocated for staffers of the company, 5 percent (35,390 units of shares) for Samuhik Lagani Kosh and rest (661,520 units of shares) for general people.
UAE’s Transguard Group lays off 2,500 Nepalis citing coronavirus
As many as 2,479 Nepali people working with the Transguard Group of the United Arab Emirates (UAE) have lost their jobs.
The company laid off such a huge number of Nepali migrant workers citing coronavirus pandemic, said Nepali Embassy based in the UAE.
It supplies security guards to various companies operating in the UAE. Almost 12,000 Nepali people had been working in various places under this company in the UAE, according to the Embassy.
This is the largest number of Nepali migrant workers to have been laid off ever by a single company in the UAE.
Govt receives commitment of Rs 36 billion in FDI
Government has received the commitment of around 36 billion rupees in foreign direct investment (FDI) in the current fiscal year.
According to the Ministry of Industry, the commitment of Rs 35.94 billion was received for 213 enterprises until July 5 for the fiscal year 2019/20.
The Department of Industry statistics states that of the total commitment, 70 to 80 per cent is from China followed by India, the USA and Malaysia, Spokesperson at the Department Binod Kumar Khadka said.
He added that the number of companies has decreased but the ratio of investment has gone up this year as compared to last fiscal year.
Khadka said Rs 10.27 billion plus amount in FDI was committed in comparison to the last year till the date. He added that Rs 25.47 billion was committed for 344 industries last year till this date.
The investment as committed is more in service sector but maximum industries are in tourism industry, he shared.
(Compiled and prepared by Swastik Aryal and Nitish Lal Shrestha)
Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.
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