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Code Context
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		'Article' => array(
			'id' => '3677',
			'article_category_id' => '1',
			'title' => '107 Companies Eligible to Convert Promoters’ Share into General Share',
			'sub_title' => '',
			'summary' => 'June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers’ Cabinet as it is, then 107 BFIs are eligible to convert their promoters’ share into general shares.',
			'content' => '<p>June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers&rsquo; Cabinet as it is, then 107 BFIs are eligible to convert their promoters&rsquo; share into general shares.</p>

<p>The bill has set up a mechanism where BFIs can convert their promoters&rsquo; shares into general shares after completing 7 years of their operation under the approval of NRB. &nbsp;Under the mechanism, companies that came into operation before mid-April 2009 can convert their promoters&rsquo; shares into general shares at their will.</p>

<p>Based on the mechanism, 22 commercial banks, 39 development banks, 40 finance companies can convert their promoters&rsquo; shares into general shares. &nbsp;However, the mechanism is not mandatory and companies are required to take approvals from NRB for that matter. &ldquo;Therefore, the possibilities for all companies cancelling classification of shares are minimum,&rdquo; say stakeholders.</p>

<p>&ldquo;There is no requirement for classification of shares as promoters&rsquo; and general. But there is a big populace in the market who wants to stay as promoters.&nbsp; Therefore, it can be predicted that they might not want to end the classification on all shares,&rdquo; says Mukti Nath Shrestha, Executive Director of Securities Board of Nepal (SEBON). He opined that there is no pressure to convert the shares, as the topic is optional.</p>

<p>The possibility of convert is minimal, as the market price of promoters&rsquo; share is half in compare to the market price of general shares at present. The market price differentiation will further raise the market price of general shares if the convert take place. But why the promoters do not want to transfer their shares?</p>

<p>&ldquo;Most of the companies have to search the investors themselves while selling the extra promoters&rsquo; shares beyond the limitation. When they search the investors by themselves they can quote the different rate in NEPSE other than the real rate.&rdquo; It will save capital gain tax for the investors. Thus most of them find ease on transacting on the category. Facts also suggest that the existing differentiate market price of promoters&rsquo; share and general shares is motivated by the wills of promoters.</p>

<p>&ldquo;There is no separate regulation regarding price differentiation. The system starts with Finance Minister&rsquo;s direction to provide low price for promoters share in compare to general in the year 2007 on the request of the promoters. Additionally, regulatory mechanism to obtain NRB approval while selling promoters&rsquo; share above 1 percent, difficulty in searching buyer shareholders etc have prompted buyers to bargain on the price which have also resulted in price differentiation. &nbsp;</p>

<p>In the other hand, buyers of promoters&rsquo; share also gain from the transaction. Shareholders who enter companies with promoters&rsquo; shares get easy representation access to board of directors (BOD) of the companies. Additionally, purchase of promoters&rsquo; shares also gives the shareholders an authority to influence decisions of BOD.&nbsp; Big investors are keen to enter the companies with promoters&rsquo; share as it also eases the representation process to act against the existing directors of the companies.</p>

<p>&nbsp;</p>
',
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			'description' => '',
			'sortorder' => '3511',
			'image' => '20160605012506_promoter share.jpg',
			'article_date' => '2016-06-05 00:00:00',
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			'id' => '3676',
			'article_category_id' => '1',
			'title' => 'ICC Global Organises Pre-Departure Session',
			'sub_title' => '',
			'summary' => 'June 5: ICC Global has organised one day “Pre-Departure session” targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. ',
			'content' => '<p style="text-align:justify">June 5: ICC Global has organised one day &ldquo;Pre-Departure session&rdquo; targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. The main aim of the session was to provide information to students about the different educational practices in Australia and Nepal, to make them familiar with different cultural environment and to make an interaction between the students visiting the same University. In the program, students were provided a kit required before or while travelling to Australia.</p>
',
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			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3510',
			'image' => '20160605125048_global.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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		'Article' => array(
			'id' => '3675',
			'article_category_id' => '1',
			'title' => '   Reliance Lotus to Distribute Dividends',
			'sub_title' => '',
			'summary' => 'June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.',
			'content' => '<p style="text-align: justify;">June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.</p>

<p style="text-align: justify;">Likewise, the company has also approved to change its share structure. As per the company, new share structure will be in the ratio 51:49 for promoter and general share. The AGM has also changed the name of the company as Reliance Finance Limited.</p>

<p style="text-align: justify;">Meanwhile, the company has Rs 2.45 billion in deposits while their loan has totaled Rs 1.96 billion. The finance company is being led by Chairman Dharmendrakaji Shrestha and CEO Anil Shrestha.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3509',
			'image' => '20160605122935_reliance.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
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	(int) 3 => array(
		'Article' => array(
			'id' => '3674',
			'article_category_id' => '1',
			'title' => 'Dividend of Standard Chartered Bank got Endorsed',
			'sub_title' => '',
			'summary' => 'June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.',
			'content' => '<p style="text-align:justify">June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.</p>

<p style="text-align:justify">The operating profit of the bank was amounted to Rs 1.82 billion whereas net profit amounted to Rs 1.29 billion in the last FY. During the period, weighted risky assets of the bank have increased by 4 percent to Rs 28.02 billion.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3508',
			'image' => '20160605112118_standard.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 4 => array(
		'Article' => array(
			'id' => '3673',
			'article_category_id' => '1',
			'title' => 'Green Development Bank’s IPO from Today',
			'sub_title' => '',
			'summary' => 'June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.',
			'content' => '<p style="text-align: justify;">June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.</p>

<p style="text-align: justify;">Interest shareholders can apply for minimum of 50 to maximum of 10,000 units of shares that has been priced Rs 100. Currently, the market share price of development banks is in range of Rs 215 to Rs2680 in the secondary market.</p>

<p style="text-align: justify;">The bank has informed that its paid up capital will reach Rs 100 million after the IPO issuance. &nbsp;The bank has planned of issuing 400,000 units of right shares in upcoming FY in order to attain the paid-up capital requirement as per NRB directive.</p>

<p style="text-align: justify;">Interest shareholders can apply for the IPO from all the branches of Green Development Bank, NIBL Capital Market, Vibor Capital Ltd, Growmore Merchant Banker, Guheshwori Merchant Banking and Finance, Goodwill Finance, Apex Development Bank, Synergy Finance, Sajha Development Bank and various offices of Tourism Development Bank.</p>

<p style="text-align: justify;">In the current FY, the bank has predicted of earning Rs 5.45 million profits. Similarly, the bank has earned Rs 128,000 net profit while its reserve is at negative balance of Rs 9.36 million till the mid-Jan of current FY.</p>

<p style="text-align: justify;">Likewise, the bank has expected its EPS to reach Rs 5.45 and net worth per share 93.84 times. If the same net worth is maintained till the IPO is listed in NEPSE, then the bank has possibility of getting Rs 94-282 price range for the first transaction in NEPSE. NEPSE provides the first price range for a company&rsquo;s share based on the company&rsquo;s net worth per share and 3 times of its net worth.</p>

<p style="text-align: justify;">ICRA Nepal has provided grade 4 plus rating for the issuance. The rating shows below average fundamentals of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3507',
			'image' => '20160605110610_green.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '3672',
			'article_category_id' => '1',
			'title' => 'China Southern Airlines to Start Everyday Flight',
			'sub_title' => '',
			'summary' => 'June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.',
			'content' => '<p style="text-align: justify;">June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.</p>

<p style="text-align: justify;">Earlier, the company had stopped the flights operation due to fuel crisis in Nepal from 29 September 2015.&nbsp; China Southern again resumed with 3 flights a week from 26 April 2016.</p>

<p style="text-align: justify;">The company informs that headquarter in southern Chinese City Guangzhou, China Southern operates 2000 daily flights to 190 destinations in 40 countries and regions across the world. Through close cooperation with its SkyTeam member airlines, China Southern&rsquo;s network spans 1052 destinations to 177 countries and regions.</p>

<p style="text-align: justify;">Currently, China Southern Airlines operates more than 600 passenger and cargo transport aircrafts, including Boeing 787，777, 757 &amp; 737 and Airbus A380, 330, 321, 320, 319. According to the IATA, the airline fleet is ranked the first in Asia and the fifth in the world. China Southern Airlines is the first airline in the world to operate both A380 and 787.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3506',
			'image' => '20160603052400_china.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '3671',
			'article_category_id' => '1',
			'title' => 'Export Declines to the Lowest Point till Date',
			'sub_title' => '',
			'summary' => 'June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. ',
			'content' => '<p style="text-align: justify;">June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. As per the department, Nepal has imported Rs 599.35 billion worth of goods in the review period. In the same period, Nepal has exported Rs 54.94 billion worth of merchandise. In the review period, the proportion of export-import of Nepal has reached 11 which mean that only Rs 1 has been exported when Rs 11 worth of merchandise is imported. It is the lowest proportion till date.</p>

<p style="text-align: justify;">The annual increase in import is verified by the statistics of Trade and Export Promotion Centre. The growth rate of export in compare to import is decreasing in the last five years. Export in the first four years was seen gradually improving. However, due to the devastating earthquake and the border blockade, export-import variations have risen significantly in the last year.&nbsp; The proportion of export-import has fallen to 11 percent in FY 2071/72 which was 16 percent in the FY 2067/68.</p>

<p style="text-align: justify;">In the recently published economical survey of FY 2072/73, the average growth rate of exported merchandised is only 7.4 percent whereas average growth rate of imported merchandised is 15.9 percent. In the same period, export in India and other countries have increased by 7.2 percent and 7.9 percent. However, during the same period, import to the same countries has increased by 18.1 and 13.5 percent. The survey has showed that total exported items in gross domestic product of 4.7 percent in the FY 2067/68 have decreased to 4 percent in the FY 2071/72. On the other side, total import in gross domestic production of 29 percent in FY 2067/68 has increased to 36.5 percent in the FY 2071/72.</p>

<p style="text-align: justify;">Export sector entrepreneurs blame government&rsquo;s apathy on lack of export promotion. They express their rage on the government&rsquo;s failure to address export sector in the budget of upcoming FY.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3505',
			'image' => '20160603045832_export.JPG',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
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	(int) 7 => array(
		'Article' => array(
			'id' => '3670',
			'article_category_id' => '1',
			'title' => ''Sidhartha Food and Fun' in Butwal',
			'sub_title' => '',
			'summary' => 'June 3: Siddhartha Business Group of Hospitality is going to organise 'Siddhartha Food and Fun' festival in Butwal. The event will be held for three days starting from Saturday, May 4. ',
			'content' => '<p>June 3: Siddhartha Business Group of Hospitality is going to organise &#39;Siddhartha Food and Fun&#39; festival in Butwal. The event will be held for three days starting from Saturday, May 4. According to the organiser, the festival aims to serve various new food items and dishes to domestic and foreign tourists. In a press conference, Chief of Siddhartha Group, Krishna Neupane informed that all branches of Sidhartha Business Group of Hospitality will manage food stalls according to their taste and preferences. The event will host segments such as &#39;My Mom Cooks the Best&#39; and talent enhancement programs for children like Kids Arts Contest which includes painting and dancing.</p>

<p>Likewise, there will also be a photo exhibition of tourists&rsquo; spots of Butwal, live music performance by local and national level artists every evening from 4 pm to 8 pm. As per the organiser, the money raised from sales of ticket will be spent on social causes.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3504',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
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	(int) 8 => array(
		'Article' => array(
			'id' => '3669',
			'article_category_id' => '1',
			'title' => 'Citizens’ Bank to Issue Right Shares',
			'sub_title' => '',
			'summary' => 'June 3: Citizens’ Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.',
			'content' => '<p style="text-align: justify;">June 3: Citizens&rsquo; Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.</p>

<p style="text-align: justify;">According to the bank, the shareowners and the share investors who purchase the bank&rsquo;s share till June 5 can apply for the right shares. Interested shareholders can submit the purchase application from Global IME Capital and all the branches of Citizens&rsquo; Bank.</p>

<p style="text-align: justify;">Meanwhile, the paid-up capital of the bank will totalled Rs 4.75 billion after the right share issuance. In order to meet the required paid-up capital as per NRB directive, the bank is planning to issue right shares and bonus shares for next two consecutive years. The bank has already acquired Premier Finance to meet the paid-up capital.</p>

<p style="text-align: justify;">ICRA Nepal has granted Grade 3 rating for the right share issuance. The bank predicts to earn Rs 926.6 million profit in the current FY. It has expected net worth per share 128 times. &nbsp;Similarly, the bank has earned net profit of Rs 728.8 million in the third quarter of current FY. Operating profit and net interest income of the bank has increased by 33.74 percent and 23 percent. Moreover, the bank has been able to recover Rs 255.2 million bad debt of the last FY.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3503',
			'image' => '20160603042444_citizen.JPG',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
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	(int) 9 => array(
		'Article' => array(
			'id' => '3668',
			'article_category_id' => '1',
			'title' => 'Khalikhola IPO Over-Subscribed by 73 times',
			'sub_title' => '',
			'summary' => 'June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.',
			'content' => '<p style="text-align: justify;">June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.</p>

<p style="text-align: justify;">The company has directed issue manager Civil Capital to conclude the allocation of shares within the end of the current FY. As per the rules, the allocation of shares must be completed within 50 days of closing of&nbsp; the IPO despite the technical problem that may arise during the process. The company had issued the shares from May 29 to June 1. According to Civil Capital, many application forms are likely to be cancelled due to improper fillings and unclearly written details.</p>

<p style="text-align: justify;">The company is likely to get range of Rs 90 to Rs 264 for its first transaction after being listed in the NEPSE. According to company&rsquo;s projected financial report, the net worth per share will reach Rs 88.20 by the end of the current FY.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3502',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 10 => array(
		'Article' => array(
			'id' => '3667',
			'article_category_id' => '1',
			'title' => 'Kasthamandap Development Bank to acquire Mahakali Bikas Bank',
			'sub_title' => '',
			'summary' => 'June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank.',
			'content' => '<p style="text-align: justify;">June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank. In the agreement, Jagannath Gyawali, board of director (BOD) Chairman of Kasthamandap Bank and Surendar Kumar Joshi, Chiarman of Mahakali Bank signed the agreement on behalf of their respective organization. &nbsp;In a press release issued by the banks, the agreement has already been approved by BOD of both banks.</p>

<p style="text-align: justify;">According to Kasthamandap Development Bank, it is acquiring Mahakali Bikas Bank in order to increase the paid up capital as directed by Nepal Rastra Bank (NRB). The share swap ratio agreed between the two banks is 1:1. The bank informs that the paid up capital of bank will reach to Rs 800 million after merger. Currently, the paid up capital of Kasthamandap is Rs 679.8 million and that of Mahakali is Rs 127.2 million. The number of branches of the bank will reach 26 after merger.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3501',
			'image' => '20160603033717_mahakali.jpg',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 11 => array(
		'Article' => array(
			'id' => '3666',
			'article_category_id' => '1',
			'title' => 'Sunrise Endorses Acquisition Proposal',
			'sub_title' => '',
			'summary' => 'June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.',
			'content' => '<p style="text-align: justify;">June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.</p>

<p style="text-align: justify;">On the occasion of the SGM, the bank informed that it will submit a proposal regarding the acquisition in Nepal Rastra Bank for final approval. The bank has planned of starting joint transaction from the end of this fiscal year after obtaining the final approval from NRB. The bank will have Rs 4 billion operating capital and 67 branches after the acquisition.</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3500',
			'image' => '20160603012626_sunrise.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '3665',
			'article_category_id' => '1',
			'title' => 'PPA of Trishuli Galchhi Hydroelectric Project',
			'sub_title' => '',
			'summary' => 'June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.',
			'content' => '<p style="text-align: justify;">June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.</p>

<p style="text-align: justify;">The 75 MW hydel project is expected to have a total investment of Rs 1440.60 million. Similarly, under the initiation of Laxmi Bank, agreement has been finalized to issue consortium loan for the project. The detailed design of the project has been finalised by Banglore based Design Group Project Consultants.</p>

<p style="text-align: justify;">Additionally, the company has informed of&nbsp; providing at least 10 percent dividends on a regular basis from the current fiscal year. &nbsp;The company had endorsed a proposal on construction of Trishuli Galchhi (75MW) and Upper Naugadh (8MW) at the beginning of the current FY.&nbsp; The company has informed of using the capital collected through issuance of right shares in the construction of the 75MW Trishuli Galchhi project at Nuwakot.</p>

<p style="text-align: justify;">This project is expected to reduce load shedding of Kathmandu Valley. This is the largest hydropower project developed by the private sector of the country.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3499',
			'image' => '20160603012021_ppa.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
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	(int) 13 => array(
		'Article' => array(
			'id' => '3664',
			'article_category_id' => '1',
			'title' => 'Everest Bank Opens Two Branches in Far-Western Region',
			'sub_title' => '',
			'summary' => 'June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. “The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,” informs the bank in a press statement.',
			'content' => '<p style="text-align: justify;">June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. &ldquo;The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,&rdquo; informs the bank in a press statement.</p>

<p style="text-align: justify;">The bank informs that the Mahendranagar and Sukhad branch were inaugurated by Chief district Officer of Kanchanpur Manohar Prasad Khanal and Chandra Prakash Chaulaguain, Chairman of Khodakhodi Chamber of Commerce and Industries respectively amid different programs held on May 2. AK Ahluwalia, the Chief Executive Officer of the bank was present in both events.</p>

<p style="text-align: justify;">The bank has been providing its services through 61 branches, five extension counters, 24 revenue collection counters, 85 ATMs and many correspondents across the globe.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3498',
			'image' => '20160603113134_everest bank.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
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	(int) 14 => array(
		'Article' => array(
			'id' => '3663',
			'article_category_id' => '1',
			'title' => '20 Billion USD Required for 10,000MW Electricity',
			'sub_title' => '',
			'summary' => 'June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. “There is no option other than to attract big foreign investors in order to achieve the target set by the budget,” says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.',
			'content' => '<p style="text-align: justify;">June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. &ldquo;There is no option other than to attract big foreign investors in order to achieve the target set by the budget,&rdquo; says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.</p>

<p style="text-align: justify;">In a recently concluded Nepal Energy Investment Conference 2016, participants had shown interest in investing hundreds of billions in medium and large size electricity projects. However, for that, they demand improvement in investment environment and formulation of one door license policy. Budhigandaki(1200MW), Nalsigha Gadh(410MW), Tamor(762MW), Aadhi Khola(180MW) are the projects that can attract the foreign investors. Apparently, the foreign investors are keen to invest in Tamakhosi Fifth (87MW), Upper Tamor( 415MW), Tamakoshi Third (650MW) and Big Bheri (530MW).</p>

<p style="text-align: justify;">As these projects are impossible without the support of foreign investment, stakeholders demand creation of investment friendly environment to attract foreign investment. The long and procedural perplexity for obtaining license in order to work in Nepal is the biggest obstacle for investment,&rdquo; says Allard Nooy, CEO of InfraCo Asia.</p>

<p style="text-align: justify;">Nepal&rsquo;s energy crisis cannot be addressed without vast investment in hydropower. Although due to political instability and lack of investment security guarantee, foreign companies are reluctant to invest in Nepal.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'sortorder' => '3497',
			'image' => '20160603110019_hydro.jpg',
			'article_date' => '2016-06-03 00:00:00',
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
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View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity &quot;&quot; [APP/View/Elements/side_bar.ctp, line 60]
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$articles = array(
	(int) 0 => array(
		'Article' => array(
			'id' => '3677',
			'article_category_id' => '1',
			'title' => '107 Companies Eligible to Convert Promoters’ Share into General Share',
			'sub_title' => '',
			'summary' => 'June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers’ Cabinet as it is, then 107 BFIs are eligible to convert their promoters’ share into general shares.',
			'content' => '<p>June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers&rsquo; Cabinet as it is, then 107 BFIs are eligible to convert their promoters&rsquo; share into general shares.</p>

<p>The bill has set up a mechanism where BFIs can convert their promoters&rsquo; shares into general shares after completing 7 years of their operation under the approval of NRB. &nbsp;Under the mechanism, companies that came into operation before mid-April 2009 can convert their promoters&rsquo; shares into general shares at their will.</p>

<p>Based on the mechanism, 22 commercial banks, 39 development banks, 40 finance companies can convert their promoters&rsquo; shares into general shares. &nbsp;However, the mechanism is not mandatory and companies are required to take approvals from NRB for that matter. &ldquo;Therefore, the possibilities for all companies cancelling classification of shares are minimum,&rdquo; say stakeholders.</p>

<p>&ldquo;There is no requirement for classification of shares as promoters&rsquo; and general. But there is a big populace in the market who wants to stay as promoters.&nbsp; Therefore, it can be predicted that they might not want to end the classification on all shares,&rdquo; says Mukti Nath Shrestha, Executive Director of Securities Board of Nepal (SEBON). He opined that there is no pressure to convert the shares, as the topic is optional.</p>

<p>The possibility of convert is minimal, as the market price of promoters&rsquo; share is half in compare to the market price of general shares at present. The market price differentiation will further raise the market price of general shares if the convert take place. But why the promoters do not want to transfer their shares?</p>

<p>&ldquo;Most of the companies have to search the investors themselves while selling the extra promoters&rsquo; shares beyond the limitation. When they search the investors by themselves they can quote the different rate in NEPSE other than the real rate.&rdquo; It will save capital gain tax for the investors. Thus most of them find ease on transacting on the category. Facts also suggest that the existing differentiate market price of promoters&rsquo; share and general shares is motivated by the wills of promoters.</p>

<p>&ldquo;There is no separate regulation regarding price differentiation. The system starts with Finance Minister&rsquo;s direction to provide low price for promoters share in compare to general in the year 2007 on the request of the promoters. Additionally, regulatory mechanism to obtain NRB approval while selling promoters&rsquo; share above 1 percent, difficulty in searching buyer shareholders etc have prompted buyers to bargain on the price which have also resulted in price differentiation. &nbsp;</p>

<p>In the other hand, buyers of promoters&rsquo; share also gain from the transaction. Shareholders who enter companies with promoters&rsquo; shares get easy representation access to board of directors (BOD) of the companies. Additionally, purchase of promoters&rsquo; shares also gives the shareholders an authority to influence decisions of BOD.&nbsp; Big investors are keen to enter the companies with promoters&rsquo; share as it also eases the representation process to act against the existing directors of the companies.</p>

<p>&nbsp;</p>
',
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			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3511',
			'image' => '20160605012506_promoter share.jpg',
			'article_date' => '2016-06-05 00:00:00',
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		'Article' => array(
			'id' => '3676',
			'article_category_id' => '1',
			'title' => 'ICC Global Organises Pre-Departure Session',
			'sub_title' => '',
			'summary' => 'June 5: ICC Global has organised one day “Pre-Departure session” targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. ',
			'content' => '<p style="text-align:justify">June 5: ICC Global has organised one day &ldquo;Pre-Departure session&rdquo; targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. The main aim of the session was to provide information to students about the different educational practices in Australia and Nepal, to make them familiar with different cultural environment and to make an interaction between the students visiting the same University. In the program, students were provided a kit required before or while travelling to Australia.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3510',
			'image' => '20160605125048_global.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
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	(int) 2 => array(
		'Article' => array(
			'id' => '3675',
			'article_category_id' => '1',
			'title' => '   Reliance Lotus to Distribute Dividends',
			'sub_title' => '',
			'summary' => 'June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.',
			'content' => '<p style="text-align: justify;">June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.</p>

<p style="text-align: justify;">Likewise, the company has also approved to change its share structure. As per the company, new share structure will be in the ratio 51:49 for promoter and general share. The AGM has also changed the name of the company as Reliance Finance Limited.</p>

<p style="text-align: justify;">Meanwhile, the company has Rs 2.45 billion in deposits while their loan has totaled Rs 1.96 billion. The finance company is being led by Chairman Dharmendrakaji Shrestha and CEO Anil Shrestha.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3509',
			'image' => '20160605122935_reliance.jpg',
			'article_date' => '2016-06-05 00:00:00',
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		'Article' => array(
			'id' => '3674',
			'article_category_id' => '1',
			'title' => 'Dividend of Standard Chartered Bank got Endorsed',
			'sub_title' => '',
			'summary' => 'June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.',
			'content' => '<p style="text-align:justify">June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.</p>

<p style="text-align:justify">The operating profit of the bank was amounted to Rs 1.82 billion whereas net profit amounted to Rs 1.29 billion in the last FY. During the period, weighted risky assets of the bank have increased by 4 percent to Rs 28.02 billion.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3508',
			'image' => '20160605112118_standard.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
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	(int) 4 => array(
		'Article' => array(
			'id' => '3673',
			'article_category_id' => '1',
			'title' => 'Green Development Bank’s IPO from Today',
			'sub_title' => '',
			'summary' => 'June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.',
			'content' => '<p style="text-align: justify;">June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.</p>

<p style="text-align: justify;">Interest shareholders can apply for minimum of 50 to maximum of 10,000 units of shares that has been priced Rs 100. Currently, the market share price of development banks is in range of Rs 215 to Rs2680 in the secondary market.</p>

<p style="text-align: justify;">The bank has informed that its paid up capital will reach Rs 100 million after the IPO issuance. &nbsp;The bank has planned of issuing 400,000 units of right shares in upcoming FY in order to attain the paid-up capital requirement as per NRB directive.</p>

<p style="text-align: justify;">Interest shareholders can apply for the IPO from all the branches of Green Development Bank, NIBL Capital Market, Vibor Capital Ltd, Growmore Merchant Banker, Guheshwori Merchant Banking and Finance, Goodwill Finance, Apex Development Bank, Synergy Finance, Sajha Development Bank and various offices of Tourism Development Bank.</p>

<p style="text-align: justify;">In the current FY, the bank has predicted of earning Rs 5.45 million profits. Similarly, the bank has earned Rs 128,000 net profit while its reserve is at negative balance of Rs 9.36 million till the mid-Jan of current FY.</p>

<p style="text-align: justify;">Likewise, the bank has expected its EPS to reach Rs 5.45 and net worth per share 93.84 times. If the same net worth is maintained till the IPO is listed in NEPSE, then the bank has possibility of getting Rs 94-282 price range for the first transaction in NEPSE. NEPSE provides the first price range for a company&rsquo;s share based on the company&rsquo;s net worth per share and 3 times of its net worth.</p>

<p style="text-align: justify;">ICRA Nepal has provided grade 4 plus rating for the issuance. The rating shows below average fundamentals of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3507',
			'image' => '20160605110610_green.jpg',
			'article_date' => '2016-06-05 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '3672',
			'article_category_id' => '1',
			'title' => 'China Southern Airlines to Start Everyday Flight',
			'sub_title' => '',
			'summary' => 'June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.',
			'content' => '<p style="text-align: justify;">June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.</p>

<p style="text-align: justify;">Earlier, the company had stopped the flights operation due to fuel crisis in Nepal from 29 September 2015.&nbsp; China Southern again resumed with 3 flights a week from 26 April 2016.</p>

<p style="text-align: justify;">The company informs that headquarter in southern Chinese City Guangzhou, China Southern operates 2000 daily flights to 190 destinations in 40 countries and regions across the world. Through close cooperation with its SkyTeam member airlines, China Southern&rsquo;s network spans 1052 destinations to 177 countries and regions.</p>

<p style="text-align: justify;">Currently, China Southern Airlines operates more than 600 passenger and cargo transport aircrafts, including Boeing 787，777, 757 &amp; 737 and Airbus A380, 330, 321, 320, 319. According to the IATA, the airline fleet is ranked the first in Asia and the fifth in the world. China Southern Airlines is the first airline in the world to operate both A380 and 787.</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3506',
			'image' => '20160603052400_china.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
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	(int) 6 => array(
		'Article' => array(
			'id' => '3671',
			'article_category_id' => '1',
			'title' => 'Export Declines to the Lowest Point till Date',
			'sub_title' => '',
			'summary' => 'June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. ',
			'content' => '<p style="text-align: justify;">June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. As per the department, Nepal has imported Rs 599.35 billion worth of goods in the review period. In the same period, Nepal has exported Rs 54.94 billion worth of merchandise. In the review period, the proportion of export-import of Nepal has reached 11 which mean that only Rs 1 has been exported when Rs 11 worth of merchandise is imported. It is the lowest proportion till date.</p>

<p style="text-align: justify;">The annual increase in import is verified by the statistics of Trade and Export Promotion Centre. The growth rate of export in compare to import is decreasing in the last five years. Export in the first four years was seen gradually improving. However, due to the devastating earthquake and the border blockade, export-import variations have risen significantly in the last year.&nbsp; The proportion of export-import has fallen to 11 percent in FY 2071/72 which was 16 percent in the FY 2067/68.</p>

<p style="text-align: justify;">In the recently published economical survey of FY 2072/73, the average growth rate of exported merchandised is only 7.4 percent whereas average growth rate of imported merchandised is 15.9 percent. In the same period, export in India and other countries have increased by 7.2 percent and 7.9 percent. However, during the same period, import to the same countries has increased by 18.1 and 13.5 percent. The survey has showed that total exported items in gross domestic product of 4.7 percent in the FY 2067/68 have decreased to 4 percent in the FY 2071/72. On the other side, total import in gross domestic production of 29 percent in FY 2067/68 has increased to 36.5 percent in the FY 2071/72.</p>

<p style="text-align: justify;">Export sector entrepreneurs blame government&rsquo;s apathy on lack of export promotion. They express their rage on the government&rsquo;s failure to address export sector in the budget of upcoming FY.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'modified' => '2016-06-03',
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			'sortorder' => '3505',
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		'Article' => array(
			'id' => '3670',
			'article_category_id' => '1',
			'title' => ''Sidhartha Food and Fun' in Butwal',
			'sub_title' => '',
			'summary' => 'June 3: Siddhartha Business Group of Hospitality is going to organise 'Siddhartha Food and Fun' festival in Butwal. The event will be held for three days starting from Saturday, May 4. ',
			'content' => '<p>June 3: Siddhartha Business Group of Hospitality is going to organise &#39;Siddhartha Food and Fun&#39; festival in Butwal. The event will be held for three days starting from Saturday, May 4. According to the organiser, the festival aims to serve various new food items and dishes to domestic and foreign tourists. In a press conference, Chief of Siddhartha Group, Krishna Neupane informed that all branches of Sidhartha Business Group of Hospitality will manage food stalls according to their taste and preferences. The event will host segments such as &#39;My Mom Cooks the Best&#39; and talent enhancement programs for children like Kids Arts Contest which includes painting and dancing.</p>

<p>Likewise, there will also be a photo exhibition of tourists&rsquo; spots of Butwal, live music performance by local and national level artists every evening from 4 pm to 8 pm. As per the organiser, the money raised from sales of ticket will be spent on social causes.</p>

<p>&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3504',
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	(int) 8 => array(
		'Article' => array(
			'id' => '3669',
			'article_category_id' => '1',
			'title' => 'Citizens’ Bank to Issue Right Shares',
			'sub_title' => '',
			'summary' => 'June 3: Citizens’ Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.',
			'content' => '<p style="text-align: justify;">June 3: Citizens&rsquo; Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.</p>

<p style="text-align: justify;">According to the bank, the shareowners and the share investors who purchase the bank&rsquo;s share till June 5 can apply for the right shares. Interested shareholders can submit the purchase application from Global IME Capital and all the branches of Citizens&rsquo; Bank.</p>

<p style="text-align: justify;">Meanwhile, the paid-up capital of the bank will totalled Rs 4.75 billion after the right share issuance. In order to meet the required paid-up capital as per NRB directive, the bank is planning to issue right shares and bonus shares for next two consecutive years. The bank has already acquired Premier Finance to meet the paid-up capital.</p>

<p style="text-align: justify;">ICRA Nepal has granted Grade 3 rating for the right share issuance. The bank predicts to earn Rs 926.6 million profit in the current FY. It has expected net worth per share 128 times. &nbsp;Similarly, the bank has earned net profit of Rs 728.8 million in the third quarter of current FY. Operating profit and net interest income of the bank has increased by 33.74 percent and 23 percent. Moreover, the bank has been able to recover Rs 255.2 million bad debt of the last FY.</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
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			'sortorder' => '3503',
			'image' => '20160603042444_citizen.JPG',
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	(int) 9 => array(
		'Article' => array(
			'id' => '3668',
			'article_category_id' => '1',
			'title' => 'Khalikhola IPO Over-Subscribed by 73 times',
			'sub_title' => '',
			'summary' => 'June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.',
			'content' => '<p style="text-align: justify;">June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.</p>

<p style="text-align: justify;">The company has directed issue manager Civil Capital to conclude the allocation of shares within the end of the current FY. As per the rules, the allocation of shares must be completed within 50 days of closing of&nbsp; the IPO despite the technical problem that may arise during the process. The company had issued the shares from May 29 to June 1. According to Civil Capital, many application forms are likely to be cancelled due to improper fillings and unclearly written details.</p>

<p style="text-align: justify;">The company is likely to get range of Rs 90 to Rs 264 for its first transaction after being listed in the NEPSE. According to company&rsquo;s projected financial report, the net worth per share will reach Rs 88.20 by the end of the current FY.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3502',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
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	(int) 10 => array(
		'Article' => array(
			'id' => '3667',
			'article_category_id' => '1',
			'title' => 'Kasthamandap Development Bank to acquire Mahakali Bikas Bank',
			'sub_title' => '',
			'summary' => 'June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank.',
			'content' => '<p style="text-align: justify;">June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank. In the agreement, Jagannath Gyawali, board of director (BOD) Chairman of Kasthamandap Bank and Surendar Kumar Joshi, Chiarman of Mahakali Bank signed the agreement on behalf of their respective organization. &nbsp;In a press release issued by the banks, the agreement has already been approved by BOD of both banks.</p>

<p style="text-align: justify;">According to Kasthamandap Development Bank, it is acquiring Mahakali Bikas Bank in order to increase the paid up capital as directed by Nepal Rastra Bank (NRB). The share swap ratio agreed between the two banks is 1:1. The bank informs that the paid up capital of bank will reach to Rs 800 million after merger. Currently, the paid up capital of Kasthamandap is Rs 679.8 million and that of Mahakali is Rs 127.2 million. The number of branches of the bank will reach 26 after merger.&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3501',
			'image' => '20160603033717_mahakali.jpg',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 11 => array(
		'Article' => array(
			'id' => '3666',
			'article_category_id' => '1',
			'title' => 'Sunrise Endorses Acquisition Proposal',
			'sub_title' => '',
			'summary' => 'June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.',
			'content' => '<p style="text-align: justify;">June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.</p>

<p style="text-align: justify;">On the occasion of the SGM, the bank informed that it will submit a proposal regarding the acquisition in Nepal Rastra Bank for final approval. The bank has planned of starting joint transaction from the end of this fiscal year after obtaining the final approval from NRB. The bank will have Rs 4 billion operating capital and 67 branches after the acquisition.</p>
',
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			'keywords' => '',
			'description' => '',
			'sortorder' => '3500',
			'image' => '20160603012626_sunrise.jpg',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 12 => array(
		'Article' => array(
			'id' => '3665',
			'article_category_id' => '1',
			'title' => 'PPA of Trishuli Galchhi Hydroelectric Project',
			'sub_title' => '',
			'summary' => 'June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.',
			'content' => '<p style="text-align: justify;">June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.</p>

<p style="text-align: justify;">The 75 MW hydel project is expected to have a total investment of Rs 1440.60 million. Similarly, under the initiation of Laxmi Bank, agreement has been finalized to issue consortium loan for the project. The detailed design of the project has been finalised by Banglore based Design Group Project Consultants.</p>

<p style="text-align: justify;">Additionally, the company has informed of&nbsp; providing at least 10 percent dividends on a regular basis from the current fiscal year. &nbsp;The company had endorsed a proposal on construction of Trishuli Galchhi (75MW) and Upper Naugadh (8MW) at the beginning of the current FY.&nbsp; The company has informed of using the capital collected through issuance of right shares in the construction of the 75MW Trishuli Galchhi project at Nuwakot.</p>

<p style="text-align: justify;">This project is expected to reduce load shedding of Kathmandu Valley. This is the largest hydropower project developed by the private sector of the country.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3499',
			'image' => '20160603012021_ppa.jpg',
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		'Article' => array(
			'id' => '3664',
			'article_category_id' => '1',
			'title' => 'Everest Bank Opens Two Branches in Far-Western Region',
			'sub_title' => '',
			'summary' => 'June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. “The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,” informs the bank in a press statement.',
			'content' => '<p style="text-align: justify;">June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. &ldquo;The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,&rdquo; informs the bank in a press statement.</p>

<p style="text-align: justify;">The bank informs that the Mahendranagar and Sukhad branch were inaugurated by Chief district Officer of Kanchanpur Manohar Prasad Khanal and Chandra Prakash Chaulaguain, Chairman of Khodakhodi Chamber of Commerce and Industries respectively amid different programs held on May 2. AK Ahluwalia, the Chief Executive Officer of the bank was present in both events.</p>

<p style="text-align: justify;">The bank has been providing its services through 61 branches, five extension counters, 24 revenue collection counters, 85 ATMs and many correspondents across the globe.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3498',
			'image' => '20160603113134_everest bank.jpg',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 14 => array(
		'Article' => array(
			'id' => '3663',
			'article_category_id' => '1',
			'title' => '20 Billion USD Required for 10,000MW Electricity',
			'sub_title' => '',
			'summary' => 'June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. “There is no option other than to attract big foreign investors in order to achieve the target set by the budget,” says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.',
			'content' => '<p style="text-align: justify;">June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. &ldquo;There is no option other than to attract big foreign investors in order to achieve the target set by the budget,&rdquo; says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.</p>

<p style="text-align: justify;">In a recently concluded Nepal Energy Investment Conference 2016, participants had shown interest in investing hundreds of billions in medium and large size electricity projects. However, for that, they demand improvement in investment environment and formulation of one door license policy. Budhigandaki(1200MW), Nalsigha Gadh(410MW), Tamor(762MW), Aadhi Khola(180MW) are the projects that can attract the foreign investors. Apparently, the foreign investors are keen to invest in Tamakhosi Fifth (87MW), Upper Tamor( 415MW), Tamakoshi Third (650MW) and Big Bheri (530MW).</p>

<p style="text-align: justify;">As these projects are impossible without the support of foreign investment, stakeholders demand creation of investment friendly environment to attract foreign investment. The long and procedural perplexity for obtaining license in order to work in Nepal is the biggest obstacle for investment,&rdquo; says Allard Nooy, CEO of InfraCo Asia.</p>

<p style="text-align: justify;">Nepal&rsquo;s energy crisis cannot be addressed without vast investment in hydropower. Although due to political instability and lack of investment security guarantee, foreign companies are reluctant to invest in Nepal.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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$articles = array(
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		'Article' => array(
			'id' => '3677',
			'article_category_id' => '1',
			'title' => '107 Companies Eligible to Convert Promoters’ Share into General Share',
			'sub_title' => '',
			'summary' => 'June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers’ Cabinet as it is, then 107 BFIs are eligible to convert their promoters’ share into general shares.',
			'content' => '<p>June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers&rsquo; Cabinet as it is, then 107 BFIs are eligible to convert their promoters&rsquo; share into general shares.</p>

<p>The bill has set up a mechanism where BFIs can convert their promoters&rsquo; shares into general shares after completing 7 years of their operation under the approval of NRB. &nbsp;Under the mechanism, companies that came into operation before mid-April 2009 can convert their promoters&rsquo; shares into general shares at their will.</p>

<p>Based on the mechanism, 22 commercial banks, 39 development banks, 40 finance companies can convert their promoters&rsquo; shares into general shares. &nbsp;However, the mechanism is not mandatory and companies are required to take approvals from NRB for that matter. &ldquo;Therefore, the possibilities for all companies cancelling classification of shares are minimum,&rdquo; say stakeholders.</p>

<p>&ldquo;There is no requirement for classification of shares as promoters&rsquo; and general. But there is a big populace in the market who wants to stay as promoters.&nbsp; Therefore, it can be predicted that they might not want to end the classification on all shares,&rdquo; says Mukti Nath Shrestha, Executive Director of Securities Board of Nepal (SEBON). He opined that there is no pressure to convert the shares, as the topic is optional.</p>

<p>The possibility of convert is minimal, as the market price of promoters&rsquo; share is half in compare to the market price of general shares at present. The market price differentiation will further raise the market price of general shares if the convert take place. But why the promoters do not want to transfer their shares?</p>

<p>&ldquo;Most of the companies have to search the investors themselves while selling the extra promoters&rsquo; shares beyond the limitation. When they search the investors by themselves they can quote the different rate in NEPSE other than the real rate.&rdquo; It will save capital gain tax for the investors. Thus most of them find ease on transacting on the category. Facts also suggest that the existing differentiate market price of promoters&rsquo; share and general shares is motivated by the wills of promoters.</p>

<p>&ldquo;There is no separate regulation regarding price differentiation. The system starts with Finance Minister&rsquo;s direction to provide low price for promoters share in compare to general in the year 2007 on the request of the promoters. Additionally, regulatory mechanism to obtain NRB approval while selling promoters&rsquo; share above 1 percent, difficulty in searching buyer shareholders etc have prompted buyers to bargain on the price which have also resulted in price differentiation. &nbsp;</p>

<p>In the other hand, buyers of promoters&rsquo; share also gain from the transaction. Shareholders who enter companies with promoters&rsquo; shares get easy representation access to board of directors (BOD) of the companies. Additionally, purchase of promoters&rsquo; shares also gives the shareholders an authority to influence decisions of BOD.&nbsp; Big investors are keen to enter the companies with promoters&rsquo; share as it also eases the representation process to act against the existing directors of the companies.</p>

<p>&nbsp;</p>
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			'id' => '3676',
			'article_category_id' => '1',
			'title' => 'ICC Global Organises Pre-Departure Session',
			'sub_title' => '',
			'summary' => 'June 5: ICC Global has organised one day “Pre-Departure session” targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. ',
			'content' => '<p style="text-align:justify">June 5: ICC Global has organised one day &ldquo;Pre-Departure session&rdquo; targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. The main aim of the session was to provide information to students about the different educational practices in Australia and Nepal, to make them familiar with different cultural environment and to make an interaction between the students visiting the same University. In the program, students were provided a kit required before or while travelling to Australia.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3510',
			'image' => '20160605125048_global.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 2 => array(
		'Article' => array(
			'id' => '3675',
			'article_category_id' => '1',
			'title' => '   Reliance Lotus to Distribute Dividends',
			'sub_title' => '',
			'summary' => 'June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.',
			'content' => '<p style="text-align: justify;">June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.</p>

<p style="text-align: justify;">Likewise, the company has also approved to change its share structure. As per the company, new share structure will be in the ratio 51:49 for promoter and general share. The AGM has also changed the name of the company as Reliance Finance Limited.</p>

<p style="text-align: justify;">Meanwhile, the company has Rs 2.45 billion in deposits while their loan has totaled Rs 1.96 billion. The finance company is being led by Chairman Dharmendrakaji Shrestha and CEO Anil Shrestha.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3509',
			'image' => '20160605122935_reliance.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 3 => array(
		'Article' => array(
			'id' => '3674',
			'article_category_id' => '1',
			'title' => 'Dividend of Standard Chartered Bank got Endorsed',
			'sub_title' => '',
			'summary' => 'June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.',
			'content' => '<p style="text-align:justify">June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.</p>

<p style="text-align:justify">The operating profit of the bank was amounted to Rs 1.82 billion whereas net profit amounted to Rs 1.29 billion in the last FY. During the period, weighted risky assets of the bank have increased by 4 percent to Rs 28.02 billion.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3508',
			'image' => '20160605112118_standard.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 4 => array(
		'Article' => array(
			'id' => '3673',
			'article_category_id' => '1',
			'title' => 'Green Development Bank’s IPO from Today',
			'sub_title' => '',
			'summary' => 'June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.',
			'content' => '<p style="text-align: justify;">June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.</p>

<p style="text-align: justify;">Interest shareholders can apply for minimum of 50 to maximum of 10,000 units of shares that has been priced Rs 100. Currently, the market share price of development banks is in range of Rs 215 to Rs2680 in the secondary market.</p>

<p style="text-align: justify;">The bank has informed that its paid up capital will reach Rs 100 million after the IPO issuance. &nbsp;The bank has planned of issuing 400,000 units of right shares in upcoming FY in order to attain the paid-up capital requirement as per NRB directive.</p>

<p style="text-align: justify;">Interest shareholders can apply for the IPO from all the branches of Green Development Bank, NIBL Capital Market, Vibor Capital Ltd, Growmore Merchant Banker, Guheshwori Merchant Banking and Finance, Goodwill Finance, Apex Development Bank, Synergy Finance, Sajha Development Bank and various offices of Tourism Development Bank.</p>

<p style="text-align: justify;">In the current FY, the bank has predicted of earning Rs 5.45 million profits. Similarly, the bank has earned Rs 128,000 net profit while its reserve is at negative balance of Rs 9.36 million till the mid-Jan of current FY.</p>

<p style="text-align: justify;">Likewise, the bank has expected its EPS to reach Rs 5.45 and net worth per share 93.84 times. If the same net worth is maintained till the IPO is listed in NEPSE, then the bank has possibility of getting Rs 94-282 price range for the first transaction in NEPSE. NEPSE provides the first price range for a company&rsquo;s share based on the company&rsquo;s net worth per share and 3 times of its net worth.</p>

<p style="text-align: justify;">ICRA Nepal has provided grade 4 plus rating for the issuance. The rating shows below average fundamentals of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3507',
			'image' => '20160605110610_green.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 5 => array(
		'Article' => array(
			'id' => '3672',
			'article_category_id' => '1',
			'title' => 'China Southern Airlines to Start Everyday Flight',
			'sub_title' => '',
			'summary' => 'June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.',
			'content' => '<p style="text-align: justify;">June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.</p>

<p style="text-align: justify;">Earlier, the company had stopped the flights operation due to fuel crisis in Nepal from 29 September 2015.&nbsp; China Southern again resumed with 3 flights a week from 26 April 2016.</p>

<p style="text-align: justify;">The company informs that headquarter in southern Chinese City Guangzhou, China Southern operates 2000 daily flights to 190 destinations in 40 countries and regions across the world. Through close cooperation with its SkyTeam member airlines, China Southern&rsquo;s network spans 1052 destinations to 177 countries and regions.</p>

<p style="text-align: justify;">Currently, China Southern Airlines operates more than 600 passenger and cargo transport aircrafts, including Boeing 787，777, 757 &amp; 737 and Airbus A380, 330, 321, 320, 319. According to the IATA, the airline fleet is ranked the first in Asia and the fifth in the world. China Southern Airlines is the first airline in the world to operate both A380 and 787.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3506',
			'image' => '20160603052400_china.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 6 => array(
		'Article' => array(
			'id' => '3671',
			'article_category_id' => '1',
			'title' => 'Export Declines to the Lowest Point till Date',
			'sub_title' => '',
			'summary' => 'June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. ',
			'content' => '<p style="text-align: justify;">June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. As per the department, Nepal has imported Rs 599.35 billion worth of goods in the review period. In the same period, Nepal has exported Rs 54.94 billion worth of merchandise. In the review period, the proportion of export-import of Nepal has reached 11 which mean that only Rs 1 has been exported when Rs 11 worth of merchandise is imported. It is the lowest proportion till date.</p>

<p style="text-align: justify;">The annual increase in import is verified by the statistics of Trade and Export Promotion Centre. The growth rate of export in compare to import is decreasing in the last five years. Export in the first four years was seen gradually improving. However, due to the devastating earthquake and the border blockade, export-import variations have risen significantly in the last year.&nbsp; The proportion of export-import has fallen to 11 percent in FY 2071/72 which was 16 percent in the FY 2067/68.</p>

<p style="text-align: justify;">In the recently published economical survey of FY 2072/73, the average growth rate of exported merchandised is only 7.4 percent whereas average growth rate of imported merchandised is 15.9 percent. In the same period, export in India and other countries have increased by 7.2 percent and 7.9 percent. However, during the same period, import to the same countries has increased by 18.1 and 13.5 percent. The survey has showed that total exported items in gross domestic product of 4.7 percent in the FY 2067/68 have decreased to 4 percent in the FY 2071/72. On the other side, total import in gross domestic production of 29 percent in FY 2067/68 has increased to 36.5 percent in the FY 2071/72.</p>

<p style="text-align: justify;">Export sector entrepreneurs blame government&rsquo;s apathy on lack of export promotion. They express their rage on the government&rsquo;s failure to address export sector in the budget of upcoming FY.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3505',
			'image' => '20160603045832_export.JPG',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 7 => array(
		'Article' => array(
			'id' => '3670',
			'article_category_id' => '1',
			'title' => ''Sidhartha Food and Fun' in Butwal',
			'sub_title' => '',
			'summary' => 'June 3: Siddhartha Business Group of Hospitality is going to organise 'Siddhartha Food and Fun' festival in Butwal. The event will be held for three days starting from Saturday, May 4. ',
			'content' => '<p>June 3: Siddhartha Business Group of Hospitality is going to organise &#39;Siddhartha Food and Fun&#39; festival in Butwal. The event will be held for three days starting from Saturday, May 4. According to the organiser, the festival aims to serve various new food items and dishes to domestic and foreign tourists. In a press conference, Chief of Siddhartha Group, Krishna Neupane informed that all branches of Sidhartha Business Group of Hospitality will manage food stalls according to their taste and preferences. The event will host segments such as &#39;My Mom Cooks the Best&#39; and talent enhancement programs for children like Kids Arts Contest which includes painting and dancing.</p>

<p>Likewise, there will also be a photo exhibition of tourists&rsquo; spots of Butwal, live music performance by local and national level artists every evening from 4 pm to 8 pm. As per the organiser, the money raised from sales of ticket will be spent on social causes.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3504',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 8 => array(
		'Article' => array(
			'id' => '3669',
			'article_category_id' => '1',
			'title' => 'Citizens’ Bank to Issue Right Shares',
			'sub_title' => '',
			'summary' => 'June 3: Citizens’ Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.',
			'content' => '<p style="text-align: justify;">June 3: Citizens&rsquo; Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.</p>

<p style="text-align: justify;">According to the bank, the shareowners and the share investors who purchase the bank&rsquo;s share till June 5 can apply for the right shares. Interested shareholders can submit the purchase application from Global IME Capital and all the branches of Citizens&rsquo; Bank.</p>

<p style="text-align: justify;">Meanwhile, the paid-up capital of the bank will totalled Rs 4.75 billion after the right share issuance. In order to meet the required paid-up capital as per NRB directive, the bank is planning to issue right shares and bonus shares for next two consecutive years. The bank has already acquired Premier Finance to meet the paid-up capital.</p>

<p style="text-align: justify;">ICRA Nepal has granted Grade 3 rating for the right share issuance. The bank predicts to earn Rs 926.6 million profit in the current FY. It has expected net worth per share 128 times. &nbsp;Similarly, the bank has earned net profit of Rs 728.8 million in the third quarter of current FY. Operating profit and net interest income of the bank has increased by 33.74 percent and 23 percent. Moreover, the bank has been able to recover Rs 255.2 million bad debt of the last FY.</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3503',
			'image' => '20160603042444_citizen.JPG',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '3668',
			'article_category_id' => '1',
			'title' => 'Khalikhola IPO Over-Subscribed by 73 times',
			'sub_title' => '',
			'summary' => 'June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.',
			'content' => '<p style="text-align: justify;">June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.</p>

<p style="text-align: justify;">The company has directed issue manager Civil Capital to conclude the allocation of shares within the end of the current FY. As per the rules, the allocation of shares must be completed within 50 days of closing of&nbsp; the IPO despite the technical problem that may arise during the process. The company had issued the shares from May 29 to June 1. According to Civil Capital, many application forms are likely to be cancelled due to improper fillings and unclearly written details.</p>

<p style="text-align: justify;">The company is likely to get range of Rs 90 to Rs 264 for its first transaction after being listed in the NEPSE. According to company&rsquo;s projected financial report, the net worth per share will reach Rs 88.20 by the end of the current FY.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3502',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '3667',
			'article_category_id' => '1',
			'title' => 'Kasthamandap Development Bank to acquire Mahakali Bikas Bank',
			'sub_title' => '',
			'summary' => 'June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank.',
			'content' => '<p style="text-align: justify;">June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank. In the agreement, Jagannath Gyawali, board of director (BOD) Chairman of Kasthamandap Bank and Surendar Kumar Joshi, Chiarman of Mahakali Bank signed the agreement on behalf of their respective organization. &nbsp;In a press release issued by the banks, the agreement has already been approved by BOD of both banks.</p>

<p style="text-align: justify;">According to Kasthamandap Development Bank, it is acquiring Mahakali Bikas Bank in order to increase the paid up capital as directed by Nepal Rastra Bank (NRB). The share swap ratio agreed between the two banks is 1:1. The bank informs that the paid up capital of bank will reach to Rs 800 million after merger. Currently, the paid up capital of Kasthamandap is Rs 679.8 million and that of Mahakali is Rs 127.2 million. The number of branches of the bank will reach 26 after merger.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3501',
			'image' => '20160603033717_mahakali.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '3666',
			'article_category_id' => '1',
			'title' => 'Sunrise Endorses Acquisition Proposal',
			'sub_title' => '',
			'summary' => 'June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.',
			'content' => '<p style="text-align: justify;">June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.</p>

<p style="text-align: justify;">On the occasion of the SGM, the bank informed that it will submit a proposal regarding the acquisition in Nepal Rastra Bank for final approval. The bank has planned of starting joint transaction from the end of this fiscal year after obtaining the final approval from NRB. The bank will have Rs 4 billion operating capital and 67 branches after the acquisition.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3500',
			'image' => '20160603012626_sunrise.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '3665',
			'article_category_id' => '1',
			'title' => 'PPA of Trishuli Galchhi Hydroelectric Project',
			'sub_title' => '',
			'summary' => 'June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.',
			'content' => '<p style="text-align: justify;">June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.</p>

<p style="text-align: justify;">The 75 MW hydel project is expected to have a total investment of Rs 1440.60 million. Similarly, under the initiation of Laxmi Bank, agreement has been finalized to issue consortium loan for the project. The detailed design of the project has been finalised by Banglore based Design Group Project Consultants.</p>

<p style="text-align: justify;">Additionally, the company has informed of&nbsp; providing at least 10 percent dividends on a regular basis from the current fiscal year. &nbsp;The company had endorsed a proposal on construction of Trishuli Galchhi (75MW) and Upper Naugadh (8MW) at the beginning of the current FY.&nbsp; The company has informed of using the capital collected through issuance of right shares in the construction of the 75MW Trishuli Galchhi project at Nuwakot.</p>

<p style="text-align: justify;">This project is expected to reduce load shedding of Kathmandu Valley. This is the largest hydropower project developed by the private sector of the country.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3499',
			'image' => '20160603012021_ppa.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '3664',
			'article_category_id' => '1',
			'title' => 'Everest Bank Opens Two Branches in Far-Western Region',
			'sub_title' => '',
			'summary' => 'June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. “The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,” informs the bank in a press statement.',
			'content' => '<p style="text-align: justify;">June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. &ldquo;The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,&rdquo; informs the bank in a press statement.</p>

<p style="text-align: justify;">The bank informs that the Mahendranagar and Sukhad branch were inaugurated by Chief district Officer of Kanchanpur Manohar Prasad Khanal and Chandra Prakash Chaulaguain, Chairman of Khodakhodi Chamber of Commerce and Industries respectively amid different programs held on May 2. AK Ahluwalia, the Chief Executive Officer of the bank was present in both events.</p>

<p style="text-align: justify;">The bank has been providing its services through 61 branches, five extension counters, 24 revenue collection counters, 85 ATMs and many correspondents across the globe.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3498',
			'image' => '20160603113134_everest bank.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '3663',
			'article_category_id' => '1',
			'title' => '20 Billion USD Required for 10,000MW Electricity',
			'sub_title' => '',
			'summary' => 'June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. “There is no option other than to attract big foreign investors in order to achieve the target set by the budget,” says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.',
			'content' => '<p style="text-align: justify;">June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. &ldquo;There is no option other than to attract big foreign investors in order to achieve the target set by the budget,&rdquo; says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.</p>

<p style="text-align: justify;">In a recently concluded Nepal Energy Investment Conference 2016, participants had shown interest in investing hundreds of billions in medium and large size electricity projects. However, for that, they demand improvement in investment environment and formulation of one door license policy. Budhigandaki(1200MW), Nalsigha Gadh(410MW), Tamor(762MW), Aadhi Khola(180MW) are the projects that can attract the foreign investors. Apparently, the foreign investors are keen to invest in Tamakhosi Fifth (87MW), Upper Tamor( 415MW), Tamakoshi Third (650MW) and Big Bheri (530MW).</p>

<p style="text-align: justify;">As these projects are impossible without the support of foreign investment, stakeholders demand creation of investment friendly environment to attract foreign investment. The long and procedural perplexity for obtaining license in order to work in Nepal is the biggest obstacle for investment,&rdquo; says Allard Nooy, CEO of InfraCo Asia.</p>

<p style="text-align: justify;">Nepal&rsquo;s energy crisis cannot be addressed without vast investment in hydropower. Although due to political instability and lack of investment security guarantee, foreign companies are reluctant to invest in Nepal.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
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		'Article' => array(
			'id' => '3677',
			'article_category_id' => '1',
			'title' => '107 Companies Eligible to Convert Promoters’ Share into General Share',
			'sub_title' => '',
			'summary' => 'June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers’ Cabinet as it is, then 107 BFIs are eligible to convert their promoters’ share into general shares.',
			'content' => '<p>June 5: The finance committee has recently endorsed the bill that has been formulated in order to amend and amalgamate the policies of BFIs. Now if the bill gets endorsed by Ministers&rsquo; Cabinet as it is, then 107 BFIs are eligible to convert their promoters&rsquo; share into general shares.</p>

<p>The bill has set up a mechanism where BFIs can convert their promoters&rsquo; shares into general shares after completing 7 years of their operation under the approval of NRB. &nbsp;Under the mechanism, companies that came into operation before mid-April 2009 can convert their promoters&rsquo; shares into general shares at their will.</p>

<p>Based on the mechanism, 22 commercial banks, 39 development banks, 40 finance companies can convert their promoters&rsquo; shares into general shares. &nbsp;However, the mechanism is not mandatory and companies are required to take approvals from NRB for that matter. &ldquo;Therefore, the possibilities for all companies cancelling classification of shares are minimum,&rdquo; say stakeholders.</p>

<p>&ldquo;There is no requirement for classification of shares as promoters&rsquo; and general. But there is a big populace in the market who wants to stay as promoters.&nbsp; Therefore, it can be predicted that they might not want to end the classification on all shares,&rdquo; says Mukti Nath Shrestha, Executive Director of Securities Board of Nepal (SEBON). He opined that there is no pressure to convert the shares, as the topic is optional.</p>

<p>The possibility of convert is minimal, as the market price of promoters&rsquo; share is half in compare to the market price of general shares at present. The market price differentiation will further raise the market price of general shares if the convert take place. But why the promoters do not want to transfer their shares?</p>

<p>&ldquo;Most of the companies have to search the investors themselves while selling the extra promoters&rsquo; shares beyond the limitation. When they search the investors by themselves they can quote the different rate in NEPSE other than the real rate.&rdquo; It will save capital gain tax for the investors. Thus most of them find ease on transacting on the category. Facts also suggest that the existing differentiate market price of promoters&rsquo; share and general shares is motivated by the wills of promoters.</p>

<p>&ldquo;There is no separate regulation regarding price differentiation. The system starts with Finance Minister&rsquo;s direction to provide low price for promoters share in compare to general in the year 2007 on the request of the promoters. Additionally, regulatory mechanism to obtain NRB approval while selling promoters&rsquo; share above 1 percent, difficulty in searching buyer shareholders etc have prompted buyers to bargain on the price which have also resulted in price differentiation. &nbsp;</p>

<p>In the other hand, buyers of promoters&rsquo; share also gain from the transaction. Shareholders who enter companies with promoters&rsquo; shares get easy representation access to board of directors (BOD) of the companies. Additionally, purchase of promoters&rsquo; shares also gives the shareholders an authority to influence decisions of BOD.&nbsp; Big investors are keen to enter the companies with promoters&rsquo; share as it also eases the representation process to act against the existing directors of the companies.</p>

<p>&nbsp;</p>
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			'sortorder' => '3511',
			'image' => '20160605012506_promoter share.jpg',
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			'id' => '3676',
			'article_category_id' => '1',
			'title' => 'ICC Global Organises Pre-Departure Session',
			'sub_title' => '',
			'summary' => 'June 5: ICC Global has organised one day “Pre-Departure session” targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. ',
			'content' => '<p style="text-align:justify">June 5: ICC Global has organised one day &ldquo;Pre-Departure session&rdquo; targeting students travelling aboard to provide all necessary information required before travelling. In a press release, the company stated that the session was organised in Hotel Yellow Pagoda located at Jamal, Kathmandu. The main aim of the session was to provide information to students about the different educational practices in Australia and Nepal, to make them familiar with different cultural environment and to make an interaction between the students visiting the same University. In the program, students were provided a kit required before or while travelling to Australia.</p>
',
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			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3510',
			'image' => '20160605125048_global.jpg',
			'article_date' => '2016-06-05 00:00:00',
			'homepage' => false,
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		'Article' => array(
			'id' => '3675',
			'article_category_id' => '1',
			'title' => '   Reliance Lotus to Distribute Dividends',
			'sub_title' => '',
			'summary' => 'June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.',
			'content' => '<p style="text-align: justify;">June 5: AGM of Reliance Lotus Finance has endorsed distribution of 20 percent bonus share and 1.05 percent cash dividends to its shareholders. The AGM held on Friday, June 3 has approved the proposal to distribute right shares in the ratio 10:6 to raise the paid-up capital to Rs 800 million. Similarly, the finance has also decided a merger if appropriate institution is found.</p>

<p style="text-align: justify;">Likewise, the company has also approved to change its share structure. As per the company, new share structure will be in the ratio 51:49 for promoter and general share. The AGM has also changed the name of the company as Reliance Finance Limited.</p>

<p style="text-align: justify;">Meanwhile, the company has Rs 2.45 billion in deposits while their loan has totaled Rs 1.96 billion. The finance company is being led by Chairman Dharmendrakaji Shrestha and CEO Anil Shrestha.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3509',
			'image' => '20160605122935_reliance.jpg',
			'article_date' => '2016-06-05 00:00:00',
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		'Article' => array(
			'id' => '3674',
			'article_category_id' => '1',
			'title' => 'Dividend of Standard Chartered Bank got Endorsed',
			'sub_title' => '',
			'summary' => 'June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.',
			'content' => '<p style="text-align:justify">June 5: The proposal of Standard Chartered Bank of distributing 19.21 percent cash dividend and 25 percent bonus share has been endorsed by annual general meeting held on last Friday. The AGM has appointed general shareholder Shanker Lal Agarwal in the post of Director of the bank.</p>

<p style="text-align:justify">The operating profit of the bank was amounted to Rs 1.82 billion whereas net profit amounted to Rs 1.29 billion in the last FY. During the period, weighted risky assets of the bank have increased by 4 percent to Rs 28.02 billion.</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-06',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3508',
			'image' => '20160605112118_standard.jpg',
			'article_date' => '2016-06-05 00:00:00',
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	(int) 4 => array(
		'Article' => array(
			'id' => '3673',
			'article_category_id' => '1',
			'title' => 'Green Development Bank’s IPO from Today',
			'sub_title' => '',
			'summary' => 'June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.',
			'content' => '<p style="text-align: justify;">June 5: Green Development Bank is issuing 450,000 units of initial public offering (IPO) from today. Among the 450,000 units of IPO, the bank has allocated 9000 units of shares to its employees and 22,500 units of shares to mutual investment fund. The bank will closed the IPO early in June 8 and latest till July 20.</p>

<p style="text-align: justify;">Interest shareholders can apply for minimum of 50 to maximum of 10,000 units of shares that has been priced Rs 100. Currently, the market share price of development banks is in range of Rs 215 to Rs2680 in the secondary market.</p>

<p style="text-align: justify;">The bank has informed that its paid up capital will reach Rs 100 million after the IPO issuance. &nbsp;The bank has planned of issuing 400,000 units of right shares in upcoming FY in order to attain the paid-up capital requirement as per NRB directive.</p>

<p style="text-align: justify;">Interest shareholders can apply for the IPO from all the branches of Green Development Bank, NIBL Capital Market, Vibor Capital Ltd, Growmore Merchant Banker, Guheshwori Merchant Banking and Finance, Goodwill Finance, Apex Development Bank, Synergy Finance, Sajha Development Bank and various offices of Tourism Development Bank.</p>

<p style="text-align: justify;">In the current FY, the bank has predicted of earning Rs 5.45 million profits. Similarly, the bank has earned Rs 128,000 net profit while its reserve is at negative balance of Rs 9.36 million till the mid-Jan of current FY.</p>

<p style="text-align: justify;">Likewise, the bank has expected its EPS to reach Rs 5.45 and net worth per share 93.84 times. If the same net worth is maintained till the IPO is listed in NEPSE, then the bank has possibility of getting Rs 94-282 price range for the first transaction in NEPSE. NEPSE provides the first price range for a company&rsquo;s share based on the company&rsquo;s net worth per share and 3 times of its net worth.</p>

<p style="text-align: justify;">ICRA Nepal has provided grade 4 plus rating for the issuance. The rating shows below average fundamentals of the company.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-05',
			'modified' => '2016-06-05',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3507',
			'image' => '20160605110610_green.jpg',
			'article_date' => '2016-06-05 00:00:00',
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	(int) 5 => array(
		'Article' => array(
			'id' => '3672',
			'article_category_id' => '1',
			'title' => 'China Southern Airlines to Start Everyday Flight',
			'sub_title' => '',
			'summary' => 'June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.',
			'content' => '<p style="text-align: justify;">June 3: China Southern Airline is going to start everyday flight effective from 01 September 2016. The company informs in its press release that due to increase in passenger load and market demand, it has increased its regular flight. Along with the increase in its everyday flight, it has also doubled its daily flights with 14 flights a week effective from 30 October 2016.</p>

<p style="text-align: justify;">Earlier, the company had stopped the flights operation due to fuel crisis in Nepal from 29 September 2015.&nbsp; China Southern again resumed with 3 flights a week from 26 April 2016.</p>

<p style="text-align: justify;">The company informs that headquarter in southern Chinese City Guangzhou, China Southern operates 2000 daily flights to 190 destinations in 40 countries and regions across the world. Through close cooperation with its SkyTeam member airlines, China Southern&rsquo;s network spans 1052 destinations to 177 countries and regions.</p>

<p style="text-align: justify;">Currently, China Southern Airlines operates more than 600 passenger and cargo transport aircrafts, including Boeing 787，777, 757 &amp; 737 and Airbus A380, 330, 321, 320, 319. According to the IATA, the airline fleet is ranked the first in Asia and the fifth in the world. China Southern Airlines is the first airline in the world to operate both A380 and 787.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3506',
			'image' => '20160603052400_china.jpg',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 6 => array(
		'Article' => array(
			'id' => '3671',
			'article_category_id' => '1',
			'title' => 'Export Declines to the Lowest Point till Date',
			'sub_title' => '',
			'summary' => 'June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. ',
			'content' => '<p style="text-align: justify;">June 3: Exports from Nepal has declined to alarming phase due to apathy of the government. According to the statistics of custom department, Nepal has exported only 10 percent of total import in the first 10 months of current FY. As per the department, Nepal has imported Rs 599.35 billion worth of goods in the review period. In the same period, Nepal has exported Rs 54.94 billion worth of merchandise. In the review period, the proportion of export-import of Nepal has reached 11 which mean that only Rs 1 has been exported when Rs 11 worth of merchandise is imported. It is the lowest proportion till date.</p>

<p style="text-align: justify;">The annual increase in import is verified by the statistics of Trade and Export Promotion Centre. The growth rate of export in compare to import is decreasing in the last five years. Export in the first four years was seen gradually improving. However, due to the devastating earthquake and the border blockade, export-import variations have risen significantly in the last year.&nbsp; The proportion of export-import has fallen to 11 percent in FY 2071/72 which was 16 percent in the FY 2067/68.</p>

<p style="text-align: justify;">In the recently published economical survey of FY 2072/73, the average growth rate of exported merchandised is only 7.4 percent whereas average growth rate of imported merchandised is 15.9 percent. In the same period, export in India and other countries have increased by 7.2 percent and 7.9 percent. However, during the same period, import to the same countries has increased by 18.1 and 13.5 percent. The survey has showed that total exported items in gross domestic product of 4.7 percent in the FY 2067/68 have decreased to 4 percent in the FY 2071/72. On the other side, total import in gross domestic production of 29 percent in FY 2067/68 has increased to 36.5 percent in the FY 2071/72.</p>

<p style="text-align: justify;">Export sector entrepreneurs blame government&rsquo;s apathy on lack of export promotion. They express their rage on the government&rsquo;s failure to address export sector in the budget of upcoming FY.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3505',
			'image' => '20160603045832_export.JPG',
			'article_date' => '2016-06-03 00:00:00',
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	(int) 7 => array(
		'Article' => array(
			'id' => '3670',
			'article_category_id' => '1',
			'title' => ''Sidhartha Food and Fun' in Butwal',
			'sub_title' => '',
			'summary' => 'June 3: Siddhartha Business Group of Hospitality is going to organise 'Siddhartha Food and Fun' festival in Butwal. The event will be held for three days starting from Saturday, May 4. ',
			'content' => '<p>June 3: Siddhartha Business Group of Hospitality is going to organise &#39;Siddhartha Food and Fun&#39; festival in Butwal. The event will be held for three days starting from Saturday, May 4. According to the organiser, the festival aims to serve various new food items and dishes to domestic and foreign tourists. In a press conference, Chief of Siddhartha Group, Krishna Neupane informed that all branches of Sidhartha Business Group of Hospitality will manage food stalls according to their taste and preferences. The event will host segments such as &#39;My Mom Cooks the Best&#39; and talent enhancement programs for children like Kids Arts Contest which includes painting and dancing.</p>

<p>Likewise, there will also be a photo exhibition of tourists&rsquo; spots of Butwal, live music performance by local and national level artists every evening from 4 pm to 8 pm. As per the organiser, the money raised from sales of ticket will be spent on social causes.</p>

<p>&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3504',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
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	(int) 8 => array(
		'Article' => array(
			'id' => '3669',
			'article_category_id' => '1',
			'title' => 'Citizens’ Bank to Issue Right Shares',
			'sub_title' => '',
			'summary' => 'June 3: Citizens’ Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.',
			'content' => '<p style="text-align: justify;">June 3: Citizens&rsquo; Bank International is issuing right shares in proportion of 10: 5.5 from June 16 to July 24 for its existing shareholders. The bank is issuing 16.85 million units of shares priced at Rs 100. The existing shareholders can buy a share at Rs 100 per unit that cost Rs 819 in the secondary market.</p>

<p style="text-align: justify;">According to the bank, the shareowners and the share investors who purchase the bank&rsquo;s share till June 5 can apply for the right shares. Interested shareholders can submit the purchase application from Global IME Capital and all the branches of Citizens&rsquo; Bank.</p>

<p style="text-align: justify;">Meanwhile, the paid-up capital of the bank will totalled Rs 4.75 billion after the right share issuance. In order to meet the required paid-up capital as per NRB directive, the bank is planning to issue right shares and bonus shares for next two consecutive years. The bank has already acquired Premier Finance to meet the paid-up capital.</p>

<p style="text-align: justify;">ICRA Nepal has granted Grade 3 rating for the right share issuance. The bank predicts to earn Rs 926.6 million profit in the current FY. It has expected net worth per share 128 times. &nbsp;Similarly, the bank has earned net profit of Rs 728.8 million in the third quarter of current FY. Operating profit and net interest income of the bank has increased by 33.74 percent and 23 percent. Moreover, the bank has been able to recover Rs 255.2 million bad debt of the last FY.</p>

<p style="text-align: justify;">&nbsp;</p>
',
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			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3503',
			'image' => '20160603042444_citizen.JPG',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 9 => array(
		'Article' => array(
			'id' => '3668',
			'article_category_id' => '1',
			'title' => 'Khalikhola IPO Over-Subscribed by 73 times',
			'sub_title' => '',
			'summary' => 'June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.',
			'content' => '<p style="text-align: justify;">June 3: Initial Public Offering (IPO) of Khanikhola Hydropower Company has been oversubscribed by 73.25 times. The IPO of 931,000 units of shares issued by the company has been applied worth Rs 6.82 billion through 135,000 applications.</p>

<p style="text-align: justify;">The company has directed issue manager Civil Capital to conclude the allocation of shares within the end of the current FY. As per the rules, the allocation of shares must be completed within 50 days of closing of&nbsp; the IPO despite the technical problem that may arise during the process. The company had issued the shares from May 29 to June 1. According to Civil Capital, many application forms are likely to be cancelled due to improper fillings and unclearly written details.</p>

<p style="text-align: justify;">The company is likely to get range of Rs 90 to Rs 264 for its first transaction after being listed in the NEPSE. According to company&rsquo;s projected financial report, the net worth per share will reach Rs 88.20 by the end of the current FY.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3502',
			'image' => null,
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 10 => array(
		'Article' => array(
			'id' => '3667',
			'article_category_id' => '1',
			'title' => 'Kasthamandap Development Bank to acquire Mahakali Bikas Bank',
			'sub_title' => '',
			'summary' => 'June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank.',
			'content' => '<p style="text-align: justify;">June 3: An agreement has been finalized between Kasthamandap Development Bank and Mahakali Development Bank regarding acquisition of Mahakali Bank by Kasthamandap Bank. In the agreement, Jagannath Gyawali, board of director (BOD) Chairman of Kasthamandap Bank and Surendar Kumar Joshi, Chiarman of Mahakali Bank signed the agreement on behalf of their respective organization. &nbsp;In a press release issued by the banks, the agreement has already been approved by BOD of both banks.</p>

<p style="text-align: justify;">According to Kasthamandap Development Bank, it is acquiring Mahakali Bikas Bank in order to increase the paid up capital as directed by Nepal Rastra Bank (NRB). The share swap ratio agreed between the two banks is 1:1. The bank informs that the paid up capital of bank will reach to Rs 800 million after merger. Currently, the paid up capital of Kasthamandap is Rs 679.8 million and that of Mahakali is Rs 127.2 million. The number of branches of the bank will reach 26 after merger.&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3501',
			'image' => '20160603033717_mahakali.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 11 => array(
		'Article' => array(
			'id' => '3666',
			'article_category_id' => '1',
			'title' => 'Sunrise Endorses Acquisition Proposal',
			'sub_title' => '',
			'summary' => 'June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.',
			'content' => '<p style="text-align: justify;">June 3: Special General Meeting (SGM) of Sunrise Bank has endorsed a proposal for acquisition of Narayani National Finance. The program was chaired by the Motilal Dugar, Chairman of the bank.</p>

<p style="text-align: justify;">On the occasion of the SGM, the bank informed that it will submit a proposal regarding the acquisition in Nepal Rastra Bank for final approval. The bank has planned of starting joint transaction from the end of this fiscal year after obtaining the final approval from NRB. The bank will have Rs 4 billion operating capital and 67 branches after the acquisition.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3500',
			'image' => '20160603012626_sunrise.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 12 => array(
		'Article' => array(
			'id' => '3665',
			'article_category_id' => '1',
			'title' => 'PPA of Trishuli Galchhi Hydroelectric Project',
			'sub_title' => '',
			'summary' => 'June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.',
			'content' => '<p style="text-align: justify;">June 3: Nepal Electricity Authority and Siddhikali Power Limited have signed the power purchase agreement (PPA) of Trishuli Galcchi Hydroelectric Project. Earlier, Api Power Company Limited has already decided to invest 80 percent on the project.</p>

<p style="text-align: justify;">The 75 MW hydel project is expected to have a total investment of Rs 1440.60 million. Similarly, under the initiation of Laxmi Bank, agreement has been finalized to issue consortium loan for the project. The detailed design of the project has been finalised by Banglore based Design Group Project Consultants.</p>

<p style="text-align: justify;">Additionally, the company has informed of&nbsp; providing at least 10 percent dividends on a regular basis from the current fiscal year. &nbsp;The company had endorsed a proposal on construction of Trishuli Galchhi (75MW) and Upper Naugadh (8MW) at the beginning of the current FY.&nbsp; The company has informed of using the capital collected through issuance of right shares in the construction of the 75MW Trishuli Galchhi project at Nuwakot.</p>

<p style="text-align: justify;">This project is expected to reduce load shedding of Kathmandu Valley. This is the largest hydropower project developed by the private sector of the country.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3499',
			'image' => '20160603012021_ppa.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 13 => array(
		'Article' => array(
			'id' => '3664',
			'article_category_id' => '1',
			'title' => 'Everest Bank Opens Two Branches in Far-Western Region',
			'sub_title' => '',
			'summary' => 'June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. “The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,” informs the bank in a press statement.',
			'content' => '<p style="text-align: justify;">June 3: Everest Bank has started two branches in two different places of Far-Western Region on the same day. &ldquo;The bank has opened its branches in Mahendranagar of Kanchanpur and Sukkhad of Kailali as a part of its program to expand its service in semi-urban and rural area,&rdquo; informs the bank in a press statement.</p>

<p style="text-align: justify;">The bank informs that the Mahendranagar and Sukhad branch were inaugurated by Chief district Officer of Kanchanpur Manohar Prasad Khanal and Chandra Prakash Chaulaguain, Chairman of Khodakhodi Chamber of Commerce and Industries respectively amid different programs held on May 2. AK Ahluwalia, the Chief Executive Officer of the bank was present in both events.</p>

<p style="text-align: justify;">The bank has been providing its services through 61 branches, five extension counters, 24 revenue collection counters, 85 ATMs and many correspondents across the globe.</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3498',
			'image' => '20160603113134_everest bank.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	),
	(int) 14 => array(
		'Article' => array(
			'id' => '3663',
			'article_category_id' => '1',
			'title' => '20 Billion USD Required for 10,000MW Electricity',
			'sub_title' => '',
			'summary' => 'June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. “There is no option other than to attract big foreign investors in order to achieve the target set by the budget,” says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.',
			'content' => '<p style="text-align: justify;">June 3: The government has announced its ambitious plan of generating 10,000MW electricity in 10 years in the budget of upcoming FY 2073/74. Experts opined that at least Rs 2100 billion (20 billion USD) will be required to achieve the target. &ldquo;There is no option other than to attract big foreign investors in order to achieve the target set by the budget,&rdquo; says Lila Nath Bhattarai, Deputy Managing Director of Nepal Electricity Authority.</p>

<p style="text-align: justify;">In a recently concluded Nepal Energy Investment Conference 2016, participants had shown interest in investing hundreds of billions in medium and large size electricity projects. However, for that, they demand improvement in investment environment and formulation of one door license policy. Budhigandaki(1200MW), Nalsigha Gadh(410MW), Tamor(762MW), Aadhi Khola(180MW) are the projects that can attract the foreign investors. Apparently, the foreign investors are keen to invest in Tamakhosi Fifth (87MW), Upper Tamor( 415MW), Tamakoshi Third (650MW) and Big Bheri (530MW).</p>

<p style="text-align: justify;">As these projects are impossible without the support of foreign investment, stakeholders demand creation of investment friendly environment to attract foreign investment. The long and procedural perplexity for obtaining license in order to work in Nepal is the biggest obstacle for investment,&rdquo; says Allard Nooy, CEO of InfraCo Asia.</p>

<p style="text-align: justify;">Nepal&rsquo;s energy crisis cannot be addressed without vast investment in hydropower. Although due to political instability and lack of investment security guarantee, foreign companies are reluctant to invest in Nepal.</p>

<p style="text-align: justify;">&nbsp;</p>

<p style="text-align: justify;">&nbsp;</p>
',
			'published' => true,
			'created' => '2016-06-03',
			'modified' => '2016-06-03',
			'keywords' => '',
			'description' => '',
			'sortorder' => '3497',
			'image' => '20160603110019_hydro.jpg',
			'article_date' => '2016-06-03 00:00:00',
			'homepage' => false,
			'breaking_news' => false,
			'main_news' => true,
			'in_scroller' => false,
			'user_id' => '16'
		)
	)
)
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