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April 16: The companies waiting for approval on further public offering (FPO) from Securities Board of Nepal (SEBON) might have to wait little longer. As SEBON is preparing to bring a new directive related with FPO, the companies seeking approval from the board were required to wait longer. “The new directive is in final stage of preparations,” said Niranjan Ghimire, Vice-Chairman of the board. “The board is about to set different mechanism regarding the FPOs, thus the companies will have to wait for some time,” he said. “A trend of seeking approvals by the companies for second FPOs immediately after the issuance of first FPOs is on the rise. Therefore, the board is addressing the issue through the new directive,” he added. However, he said that the extent of time required to issue second FPO has not been finalized yet.
Four companies including Premier Insurance, Shikhar Insurance, Pokhara Finance and Butwal Power Company are seeking approval from SEBON to float FPO. Premier and Shikhar Insurance need to issue the FPO to meet the minimum required paid-up capital of Rs 1 billion for non-life insurance companies set by Insurance Board by mid-July 2018. However, the delay in announcing the new directive might be troublesome to the companies.
The Premier Insurance is set to issue 659,565 units of FPO whereas Shikhar Insurance is set to issue 1,362,781 units of FPO. Similarly, Pokhara Insurance and Butwal Power are seeking approvals to issue 983,682 and 4,081,000 units of shares respectively.
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