United Mewa Khola Hydropower to Float IPO | Appoints Citizens Capital as Issue Manager
January 2, 2024 | Investopaper
United Mewa Khola Hydropower Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Citizens Capital Limited as the issue and sales manager.
An agreement has been reached between the company and Citizens Capital on this regard. The agreement was signed by Ashish Thapa, Chairman of United Mewa Khola Hydropower Limited and Sabir Bade Shrestha, Chief Executive Officer of Citizens Capital Limited.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON) after completing the necessary procedures. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
In the first phase, the company will issue shares to the locals of the project affected areas and foreign employed Nepalese. Likewise, in the second phase, the hydropower will float shares to the general public, including the employees of the company and the mutual fund schemes.
About United Mewa Khola Hydropower Limited
United Mewa Khola Hydropower Limited is a public limited company which was incorporated on June 01, 2010 as a private limited company.
The company is developing Mewa Khola Hydropower Project in Taplejung district of Nepal. The project is a Run-of-River type project with an installed capacity of 50 MW.
The electricity produced by the project will be transmitted through a 7 km long 132KV transmission line to NEA’s Dhungesanghu Substation at Taplejung district.
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