Oberai Group sells Soaltee hotel share

KATHMANDU, NOV 16: 

Oberoi Group sold Soaltee Hotel’s shares today. Shivakrim Land and Industries bought 1,020,144-unit shares of Oberoi Group on the secondary market for Rs 142.8 million at the price of Rs 140 per unit share.

Oberoi Group had 6.84 per cent share in Soaltee Hotel that has a total of 14,924,063 unit shares listed at Rs 10 face value in Nepse.

The shares were transferred at Rs 140 per unit under Sale and Purchase Agreement (SPA) reached between the buying and selling parties on September 14.

The trading was done through a separate Block Share Trading window of Nepse’s Automated Trading System. It is the first time such type of block share trading has undertaken in the Nepse. The window allows an investor to purchase bulk amount of share at less than the market price.

“Soaltee’s previous day closing was at Rs 186 but Nepse allowed transaction to be undertaken at Rs 140 per unit share,” informed chief executive of Nepse Shanker Man Singh.

“The transaction was undertaken only after the approval of concerned regulators like Securities Board of Nepal, Nepal Rastra Bank and Department of Industries,” he added.

The provision is supposed to facilitate the foreign investment involved in Nepali public companies to take back their investment without any difficulty. “Despite the lower trading price, the market price will not be affected as for regular transaction the quoted market price will be applied,” explained Singh.

Source: THT