KATHMANDU: It has come to light that seven Nepali individuals are now shareholders in Ncell Axiata Limited, a prominent private telecommunication service provider.

According to the Public Accounts Committee, documents obtained from the company registrar’s office revealed the involvement of these seven Nepali investors in Ncell Axiata.

The majority stakeholder in Ncell Axiata is Reynolds Holdings Limited, based in Charlestown, West Indies.

As per records from the company registrar’s office, Reynolds Holdings Limited holds an 80 percent share of Ncell Axiata, representing 800,000 shares.

Additionally, Sunivera Capital Ventures Pvt Ltd in Kathmandu Metropolitan City Ward-13 possesses 200,000 shares, constituting a 20 percent ownership in the company.

Moreover, government data indicates that seven other Nepali citizens also hold shares in Ncell, and when these shares are converted, ownership is transferred.

To comply with the legal requirement of having a minimum of seven shareholders to convert a private limited company into a public limited company, Ncell Axiata issued 11 shares.

These shares were subsequently sold to seven Nepali citizens, leading to the company’s transformation from a private limited to a public limited entity on August 3, 2020, according to the company registrar’s office.

The new shareholders and their respective shares are as follows: Lena Keshari Kansakar, Kavin Mool, Sameer Raj Gautam, Kanchan Singh Karki, Raj Bhatta, Jyoti Dahal, and Uma Maharjan.

The company registrar’s office notes that each of these shareholders acquired a minimum of Rs 100 and collectively they played a crucial role in the conversion of Ncell into a public company.

According to the company registrar’s office, the 20 percent share owned by Sunivera is valued at 3.33 billion 24 lakh 15 thousand rupees, inclusive of the profit tax paid by the shareholders.