Colgate ownership

KATHMANDU: Colgate-Palmolive (India) Ltd on Thursday announced the sale of its shareholding in its subsidiary Colgate-Palmolive (Nepal) Pvt Ltd to Everest Hygiene Products Pvt Ltd, Nepal. Colgate-Palmolive (India) and Everest Hygiene Products also signed a contract to continue sourcing toothpowder from the factory in Hetauda, thus providing continuity of operations at the plant and exports. All employees of the company will continue on existing terms under the new ownership. — HNS

Ace’s dividends

KATHMANDU: The 13th AGM of Ace Development Bank on Thursday approved 10 per cent stock dividend and 0.53 per cent cash dividend from the profit of the fiscal year 2007-08. It also approved proposed 10:6.4 rights shares. “Paid up capital and post rights shares issue will be Rs 750.4 million,” said a press release. The AGM ratified new share holding structure. Ace first quarter results shows 610 per cent improvement in its net profit compared to the same period last fiscal. — HNS

JCCN festival

KATHMANDU: Japanese Chambers of Commerce in Nepal (JCCN), a group of Japanese business companies in Nepal, will organise one-day Japanese festival, ‘Sense of Cool Japan 2008’ on November 29 to promote Japan’s traditions and contemporary culture in Nepal. Vistors to the festival can attend workshops on Japanese culture, Ikebana and kimono practice. — HNS

TTDC flays strike

KATHMANDU: Thamel Tourism Development Council on Thursday voiced concern over Thamel’s shutdown due to the students’ strike. In a press statement, the council pointed to the agreement made between eight student unions and security agencies regarding keeping Thamel a protest-free zone. It warned that if protests kept affecting tourist hubs, tourism would get ruined. — HNS