KATHMANDU, MAY 29
The government has announced plans to reduce its ownership in Nepal Telecom to 66 percent and increase public participation through the sale of remaining shares.
Presenting the budget for fiscal year 2083/84, Finance Minister Dr Swarnim Wagle said the government will retain a 66 percent stake in Nepal Telecom while divesting the rest to the general public.
The shares will be sold to the general public by mid-January and the funds raised will be utilised to make Nepal a tech hub, said Finance Minister Wagle.
Currently, the government holds over 91 percent ownership in the company. The proposed move will significantly reduce state ownership and broaden public shareholding in the state-owned telecom operator.
