Soaltee to give cash dividend

• Oriental in profit

Kathmandu, December 16:

Soaltee Hotels Ltd is giving 10 per cent cash dividend — that is subject to the approval from its annual general meeting (AGM) — to its shareholders from the profit it has registered during the fiscal year 2006-07.

Soaltee Hotels Ltd that is holding its 33rd AGM on January 9, will be the second hotel to hold its AGM. Two months back, Oriental Hotels (Radisson Hotel) held its 10th AGM.

The encouraging tourists inflow — in the past year due to peace accord between the government and Maoists — has helped the hotel industry to grow, lately.

However, Yak & Yeti Ltd has applied for delisting of its shares from the Nepse that had earlier freezed its share transactions after the former failed to pay its renewal fee for this fiscal year. “Yak & Yeti has requested us to be delisted,” said Rewat Bahadur Karki, general manager of the Nepse.

Yak & Yeti Ltd’s special AGM on December 14 has also decided to delist itself from the Nepse. It is holding its regular AGM within this month.

According to the rule, the listed companies must pay their renewal fee within the first three months of the fiscal year. Hotel Yak & Yeti was the only hotel among the listed four hotels that has not paid its renewal fee.

Oriental Hotels has in its 10th AGM announced Rs 36,47,959 profit for the fiscal year 2006-07 from Rs 2,78,80,557 loss in 2005-06. It has earned Rs 15,17,00,000 from room charge only.

Oriental Hotels also become the third company — after Unilever and Nabil Bank — to hold its AGM this year. It held its 10th AGM on October 11. Oriental hotels has 28,000 share holders. The shares of Oriental Hotels Ltd (Radisson Hotel) has been hovering around Rs 122 per unit.

“Investment on assest-based industry like hotel has a bright and secure future,” Bidhya Krishna Shrestha, managing director of Radisson Hotel, Kathmandu said, adding that Radisson has become the highest foreign currency earner among 5-star hotels for this year. “We also got ICAN best accounts runner-up awards,” he added.

The hotel group, especially Soaltee and Oriental Hotels Ltd, has set an example at a time when the real sector has no contribution in the current bullish capital market.

“There is no transparency and good governance in the real sector,” Shrestha said, explaining the reason behind real sectors absence from the Nepse.

How comfortable is Hotel group

Name- Listed shares- Paid up value- Total capital

1. Yak & Yeti Ltd- 22,09,208 units- Rs 100 per share- Rs 22,09,20,800

2. Soaltee Hotel Ltd- 86,97,187 units- Rs 10 per share- Rs 8,69,71,870

3. Taragaon Regency Hotel Ltd- 74,49,875 units- Rs 100 per share Rs 74,49,87,500

4. Oriental Hotel Ltd- 50,00,000 units- Rs 100 per share- Rs 50,00,00,000

Total listed shares- 2,33,56,270 units- Rs 1,55,28,80,170