CARE Ratings signs agreement

KATHMANDU: CARE Ratings has signed a memorandum of understanding (MoU) with Vishal Group Ltd and Emerging Nepal Ltd to start a credit rating agency in the country to be called CARE Ratings (Nepal) Ltd, according to a media release. Vishal Group Ltd is a public limited company in financial services and part of the Vishal Group while Emerging Nepal Ltd is a public limited company engaged in venture capital activities. As per the terms of the MoU, CARE Ratings will hold 51 per cent of the equity of Rs 20 million while Vishal Group will own 19 per cent and Emerging Nepal Ltd will hold 10 per cent. Balance of 20 per cent would be held by banks, insurance companies, financial institutions and corporate bodies in Nepal subject to up to nine per cent per legal entity.