NIC Asia cancels auction of its mutual fund and National Life Insurance Promoter shares

NIC Asia Bank Limited (NICA) has cancelled auctioning of its mutual fund units and promoter shares of National Life Insurance Company Limited. Issuing a notice, the bank said that the auction has been cancelled due to some special reasons. The bank had published a notice regarding auctioning of 22,141,480 units of 8 mutual funds and 65,000 promoter shares of National Life Insurance Company Limited owned by the commercial bank. Nepal Stock Exchange had asked the commercial bank for further clarification as to why it had decided to auction the shares instead of selling it on the secondary market.