The Nepal Stock Exchange (NEPSE) on Wednesday suspended trading of shares of 25 companies for not paying their annual renewal fees as per the Securities Listing Bylaws 2002.
According to a press release issued by NEPSE, a majority of the defaulters belong to the manufacturing and processing group. The rest include three trading companies,
four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
The shares of most of the suspended companies have not been traded on the secondary market for the last few years. Jyoti Spinning Mill, Butwal Spinning Mill, Arun Banaspati Udyog and Birat Shoe have hardly witnessed trading in recent days. However, shares of Api Finance, IME Financial Institution, Prabhu Finance, Kasthamandp Development Bank, Malika Bikas Bank and Diprox Development Bank were being actively traded on NEPSE.
Shares of Madhyamanchal Grameen Bikas Bank had been suspended since May 25 as promoters of Unity Life International were involved in it. Unity has a 58 percent stake in the bank. NEPSE had initially published a list of 27 companies that had been suspended. Trading in the shares of two of them, Nilgiri Bikas Bank and Goodwill Finance, resumed after they paid their dues. The annual fee charged by NEPSE to be listed on the stock market depends on the company’s paid-up capital. The payment ranges from 0.2 percent of the paid-up capital or Rs. 15,000 to 0.075 percent or Rs. 50,000 per year.
source:ekantipur
According to a press release issued by NEPSE, a majority of the defaulters belong to the manufacturing and processing group. The rest include three trading companies,
four finance companies, five development banks, one hotel, one insurance company and one company in the others category.
The shares of most of the suspended companies have not been traded on the secondary market for the last few years. Jyoti Spinning Mill, Butwal Spinning Mill, Arun Banaspati Udyog and Birat Shoe have hardly witnessed trading in recent days. However, shares of Api Finance, IME Financial Institution, Prabhu Finance, Kasthamandp Development Bank, Malika Bikas Bank and Diprox Development Bank were being actively traded on NEPSE.
Shares of Madhyamanchal Grameen Bikas Bank had been suspended since May 25 as promoters of Unity Life International were involved in it. Unity has a 58 percent stake in the bank. NEPSE had initially published a list of 27 companies that had been suspended. Trading in the shares of two of them, Nilgiri Bikas Bank and Goodwill Finance, resumed after they paid their dues. The annual fee charged by NEPSE to be listed on the stock market depends on the company’s paid-up capital. The payment ranges from 0.2 percent of the paid-up capital or Rs. 15,000 to 0.075 percent or Rs. 50,000 per year.
source:ekantipur
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