KATHMANDU, MAR 22 – Upper Tamakoshi Hydropower Limited has said it has halted the planned issuance of primary shares for the locals as accommodating the locals’ demand for an additional shares requires approval from the Securities Board of Nepal (Sebon).
On February 23, district-level political coordination committee had decided to give more shares to the locals.
“As it requires approval from Sebon, the planned issuance of 10 percent shares to the locals of Dolakha has been postponed,” said the company in a statement on Saturday.
The company is the developer of the 456MW Upper Tamakoshi Hydropower Project. The company, which had planned to collect funds from locals starting Sunday, has already collected money from the employees of Nepal Electricity Authority, Citizen Investment Trust, Employees Provident Fund and its contributors.
The company said it would publish a separate prospectus after Sebon’s approval. An official of the company said it has submitted a proposal for the change in the share structure to Sebon to accommodate the decision of the political coordination committee.
The company’s board has also decided to hold talks with agitating workers amid the presence of labour law specialists. The workers have halted construction work since March 13 demanding shares.
Source : eKantipur