SIL allots shares

KATHMANDU: Siddhartha Insurance Ltd (SIL) has allotted the ordinary shares of its initial public offering (IPO), which was oversubscribed by 61 times, on Monday. The insurance company floated 250,000 units of shares for general public at a face value of Rs 100 each. SIL has sold insurance premium worth Rs 8.096 million during the first three months, while it sold the premiums worth Rs 68.7 million during the fiscal year 2006-07. The company plans to sell the premiums worth Rs 90 million during the current fiscal year. — HNS

HAN shows concern

KATHMANDU: Hotel Association Nepal (HAN) has expressed its serious concern over trade unions acting against the spirit of agreement on service charge reached between HAN and central committees of various trade unions. In a press release, HAN today made it clear that the agreement on service charge has established a contractual liability between the employers and employees. It has been 10 months since the provision of levying service charge has been implemented. However, recent activities by trade unions could cause negative impact, adds the release. — HNS