Molung Hydropower Calls AGM; Company's IPO Proposal in SEBON's Pipeline

Molung Hydropower Company Limited has called its 12th AGM on 12th Kartik, 2078. The meeting will be held in the company's registered office in Ravi Bhavan, Kathmandu, starting at 11 am that day.

1) Endorsement of the annual report for the fiscal year 2077/78.
2) Endorsement of financial reports till Ashar end, 2078.
3) Appointment of auditor for the fiscal year 2078/79 and approval of their remuneration.
4) Misc.

The company has applied to SEBON to issue its IPO. The 11th AGM of Molung Hydropower Company Limited held on 6th Falgun, 2077 discussed issuing an IPO. 35,31,000 units shares will be issued if the regulator approves the proposal. ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to Molung Hydropower Company Limited. Sunrise Capital has been appointed the issue manager.

Molung Hydropower Company Limited, incorporated on November 28, 2019, as a public limited company, was established with the objectives of investment and development of hydropower project. The company is operating a 7MW Molung Khola HPP in Okhaldhunga district, Province 1 of Nepal. The project is a run of the river (R-o-R) type and has been developed at a 40% probability of exceedance (Q40). The project was commissioned from March 26, 2018, i.e., a month prior to its Required COD of April 2018. Similarly, the project was developed at the total project cost of ~ NPR 207 million at an approximate debt-equity (D: E) of 69:31.

AGM notice