Lalitpur, March 27:

Himal International Energy Pvt Ltd (HIEPL) now owns 85 per cent share in Bhote Koshi Power Company Pvt Ltd (BKPC). The acquisition of majority shares was announced at a press meet organised in Lalitpur today.

HIEPL has bought 75 per cent share in Panda of Nepal owned by Panda Global Holdings and MCNIC, after the companies decided to quit from the Bhote Koshi project. “Departure of foreign investors does not have anything to do with the domestic scenario in Nepal. As both companies are divesting as per their strategy of exiting out of all global businesses and concentrating on US domestic energy market, we decided that it would be a right time for HIEPL to buy the majority shares,” said Siddhartha Rana, chairman of BKPC.

Foreign investment accessibility to Nepali market and flexibility for them to exit Nepal has been reflected well in the context of BKPC, said Rana.

Rana also said that though the HIEPL holds majority shares at present, but depending upon the need, the company could sell shares to public, while holding on to 51 per cent of shares.

“The company is also looking forward to open a trust for people from 10 village development committees of Sindhupalchok district in the near future,” he said, adding that the trust is being planned to develop a sense of ownership of the BKPC by people of the district.

Sujeev Shakya, president, BKPC hinted that depending on the need, the company is likely to attract other foreign investors to BKPC. Haiman Xia of International Finance Company (IFC) said, “The transfer of majority ownership of BKPC from original foreign partners to the local partner is a positive and timely development for Nepal.”

John Zamlen, representative of the outgoing foreign partners said, “The transfer of shares nicely fits into the future business strategies of all parties involved. As a part of the company strategy to focus on US market, we have decided to sell the shares.”