Calls to boycott Ncell are growing after Axiata agreed to sell Reynolds Holding - the company that owns an 80% stake in Ncell for just US$50 million, far less than the $1.37 billion it agreed to pay Telia for the shares in 2015.
The buyer, according to reports, is Spectrlite UK which was registered in the UK in September. The company is owned by Satish Lal Acharya, who is of Nepalese origin based in Singapore.
His wife, Bhavana Singh Shrestha owns Sunivera Capital Venture which has a 20% stake in Ncell.
A report from The Kathmandu Post cites that its sources have called the terms of the deal “unclear and suspicious”.
The protests in Nepal were led by the All Nepal National Free Students’ Union (ANNFSU) with participants demonstrating cards with slogans urging an investigation into the sale.
A joint statement issued by the presidents of several different student organisations affiliated with different political parties has demanded that the government investigate and take relevant action against the sale.
The Ministry of Communication and Information Technology released a statement that said: “The government will investigate whether existing laws and international norms have been followed.
“Likewise, its impact on Nepal’s telecommunications sector, foreign investment and the government revenue.”
Axiata revealed last month that it would be exiting Nepal due to “challenging” market conditions in the country leading to a “failing business”.
