काठमाडौं, १६ मंसिर । नेपालको दूरसञ्चार क्षेत्रमा बैदेशिक लगानीमा स्थापित प्रतिष्ठित कम्पनी एनसेलको स्वामित्वमा पुनः फेरबदल भएको छ । एनसेनको ८० प्रतिशत स्वामित्व लिएको मलेशियाको एक्जियटा कम्पनीले ६ अर्ब ६५ करोड रुपैयाँमा आफ्नो शेयर स्पेक्ट्रलाइट यूकेलाई बेचेको छ ।
स्पेक्ट्रलाइट यूके नेपाली मूलका सिंगापुर निवासी शतिशलाल आचार्यको कम्पनी हो । कम्पनीमा शतिशलाल आचार्य र डेन्टन्स् सेक्रेटरिज लिमिटेडको संयुक्त लगानी छ । आचार्य एनसेलमा २० प्रतिशत हिस्सा भएको सुनिभेरा क्यापिटल भेन्चर्सका संचालक पनि हुनुहुन्छ । यो शेयर खरिदसंगै एनसेलको शतप्रतिशत स्वामित्व शतिशलाल आचार्यमा निहित हुन गएको छ ।
एनसेलले कार्तिक १५ गते जारी गरेको विज्ञप्तिमा भनिएको छ,”स्पेक्ट्रलाइट यूके लिमिटेड र आजियाटा यूके लिमिटेडबीच एनसेलको सेयर कारोबारका लागि सम्झौता भएको छ । यो सम्झौता बमोजिम स्पेक्ट्रलाइट यूकेले आजियाटाको सेन्टस् कीट्स एन्ड नेभीसमा रहेको रेनोल्डस् होल्डिङ् लिमिटेडको १०० प्रतिशत स्वामित्व लिनेछ । एनसेलको ८० प्रतिशत स्वामित्व रेनोल्डस् होल्डिङ्सँग रहेको छ । स्पेक्ट्रलाइट एनसेलका सेवाहरूको दायरा विस्तार गर्दै गुणस्तर अभिवृद्धि गर्न र डिजिटल आविष्कारहरूका साथ एनसेललाई अगाडि बढाउन प्रतिबद्ध छ ।
एनसेलको सम्पूर्ण स्वामित्व लिएका आचार्यले भन्नुभएको छ ,“एनसेलको सेयर होल्डिङको लागि यो सम्झौताको घोषणा गर्न पाएकोमा स्पेक्ट्रलाइट निकै खुसी छ । दूरसञ्चार क्षेत्रको मेरो वृहद् अनुभवका साथ एनसेलको व्यवस्थापनसँगको सहकार्यमा इनोभेसन र लगानीसँगै नेपालमा रहेका करोडौ ग्राहकलाई विभिन्न परिस्कृत सेवा प्रदान गर्न हामी प्रतिबद्ध छौं ।”
एनसेलका प्रमुख कार्यकारी अधिकृत तथा प्रबन्ध निर्देशक जाब्बोर कायुमोभले भन्नुभएको छ, “एनसेलको स्वामित्वमा आगामी दिनमा हुने परवर्तन देखि हामी खुसी छौं र नयाँ लागानीकर्तासँग काम गरी एनसेललाई डेटा र सञ्चार पुर्वाधारको एक नेपाली कम्पनीका रुपमा अघि बढाउन हामी तत्पर छौं । आगामी दिनमा कम्पनीको परिष्कृत योजनाहरु घोषणा गदै सेवाहरूको दायरा फराकिलो बनाइने छ जसले यो कम्पनीलाई एक प्रमुख डिजिटल सेवा प्रदायक तथा डेटा सेवा प्लेटफर्म बनाउनेछ ।”
लाइसेन्स शुल्क र व्यवसायिक वातावरण समस्या
आजियटाले नेपालको व्यावसायिक वातावरणको गहन मूल्यांकनमा आधारित भएर सो निर्णय लिएको जनाउदै अनुचित कर र नियामक अनिश्चितताको वर्तमान परिस्थितिमा व्यवसाय सञ्चालन जारी राख्नु ठिक नभएको ठहर गरेको थियो।
दोहोरो करको परिदृश्यबाट उत्पन्न हुने आसन्न र अस्तित्वको जोखिमलाई ध्यानमा राख्दै र सन् २०२९ मा कम्पनीको इजाजतपत्रको म्याद समाप्त हुने अतिरिक्त जोखिम, त्यसपछि आजियटाको हिस्सेदारी स्वतस् सरकारको नाममा जाने र नेपालमा विदेशी लगानी संरक्षणको प्रतिकूल वातावरणलाई ध्यानमा राख्दै आजियटाले एनसेलको सेयर बिक्री गर्ने निर्णय लिएको जनाएको छ ।
आजियटाले ५ करोड अमेरिकी डलरमा आफ्नो स्वामित्वको सेयर बेचेको स्पष्ट पारेको छ । जसमध्ये ५० लाख डलर ६ महिनाभित्र र बाँकी चार वर्षपछि भुक्तानी गर्ने गरी बेचेको प्रेस विज्ञप्तिमा जनाएको छ ।
आजियटाले सन् २०१६ मा एनसेलमा रहेको रेनोल्डस् होल्डिङको ८० प्रतिशत सेयर १ खर्ब ४३ अर्ब रुपैयाँमा खरिद गरेको थियो ।
Axiata Concludes Sale of Ncell, Exits Nepal
KATHMANDU / KUALA LUMPUR, 1 December 2023 – Axiata Group Berhad (“Axiata” or “the Group“) announces that it had entered into an unconditional sale and purchase agreement with Spectrlite UK Limited (“Purchaser“) for the sale of Reynolds Holding Limited (“Reynolds“) which owns approximately 80% equity stake in Ncell Axiata Limited (“Ncell“).
The Group’s decision to withdraw from Nepal is based on a thorough evaluation of the prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for Axiata.
Axiata entered the Nepal market in 2016, following the acquisition of Reynolds for the purchase price of USD1.365 billion, effectively securing an 80% equity interest and controlling stake in Ncell. Between 2016 to 2020, Ncell had settled a total of NPR47.0 billion (approximately USD421.9 million or RM1.8 billion1) in capital gains tax (“CGT”) as full and final liability under Nepalese law and received confirmation from Large Taxpayers Office of Nepal (“LTPO”) in April 2020 that no further taxes remain in relation to the acquisition of Reynolds in 2016. Despite the payment of CGT, Ncell was further assessed in January 2021 by the LTPO under Section 57 of the Income Tax Act of Nepal for a sum of approximately NPR57.9 (approximately USD433.6 million or RM2.0 billion) for the same transaction. Collection on this assessment by the Tax Authorities has thus far been suspended due to an interim order issued by the Supreme Court of Nepal based on Ncell’s petition disputing the applicability of the assessment. Capital gains tax was imposed on Ncell and Axiata after Nepal’s efforts to collect tax from the seller failed.
The international arbitration proceedings filed by Axiata to the International Centre for the Settlement of Investment Disputes (“ICSID“) were concluded on 9 June 2023. In delivering its Award the arbitration tribunal (“Tribunal”) ruled in the Award that Nepal should refrain from demanding any further tax, fees, penalties or interest in relation to the acquisition of Reynolds in 2016 and, in particular, that Nepal should refrain from enforcing the January 2021 Assessment. For further information on the Award rendered by the Tribunal, please refer to our Media Release dated 12 June 2023.
While Axiata has prevailed on the Government of Nepal to abide by the terms of the Award, and specifically the termination of any attempts to repeatedly tax the same transaction, the Government of Nepal and its Tax Authority the LTPO have thus far failed to withdraw the January 2021 assessment which is likely to carry a present day value of USD433.6 million inclusive of interest up to 13 January 2021 and penalties but excluding any further interest after that date. If the January 2021 Assessment was upheld, and ignoring any further interest after 13 January 2021, this would take the total taxation on the USD1.365 billion transaction in 2016 to USD855.5 million, or 62.7% of the transaction value.
Considering the imminent and existential exposure arising from the scenario of double taxation, additional risk associated with the expiry of the company’s mobile license in 2029, with the potential of expropriation of Axiata’s stake by the Government of Nepal and the unfavourable foreign investment protection environment in Nepal, Axiata had accelerated its exploration of an exit. The terms of the Share Purchase Agreement (“SPA“) with the Purchaser would enable Axiata to exit on a clean basis.
Key terms of the SPA include a fixed consideration and a conditional consideration. The fixed consideration is USD50 million, of which USD5 million is payable within 6 months of transaction completion and the remainder is payable after 48 months post transaction completion. Meanwhile, the conditional consideration is a share of the going forward distributions contingent upon the future business performance and net distributions declared by Ncell until 2029, and any windfall gains secured by the Purchaser during this period.
Ncell retains full responsibility for its business and any of its liabilities, and the Purchaser will further indemnify Axiata against existing and future Nepalese tax claims in relation to Ncell. The Board of Axiata has resolved that the best path forward for the Group would be to exit Nepal on the terms described.
Axiata and Ncell have made significant contributions to the socio-economic development of Nepal. As the country’s largest taxpayer, Ncell contributed NPR283.0 billion (RM9.9 billion) in taxes and fees as of last Fiscal Year FY 2021/2022 since its inception. Ncell, both directly and indirectly, supports more than 25,000 jobs and connects over 17 million customers across its networks. Under its Corporate Social Responsibility ambit, Ncell has invested more than NPR1.75 billion (RM61.2 million) in various social projects identified as critical to the nation that include education, health, disaster management and environment.
Commentaries
Tan Sri Shahril Ridza Ridzuan, Chairman of Axiata said, “Axiata and Ncell has made significant contributions to the national development of Nepal. As the country’s largest taxpayer, Ncell contributed NPR283.0 billion (RM9.9 billion) in taxes and fees as of last Fiscal Year FY 2021/2022 since its inception.
Meanwhile, over the past seven years, Ncell has made a total dividend contribution to the Group of RM2.2 billion.
This transaction has allowed us to exit the country in a responsible manner. The closing of the sale and the completion of our exit from Nepal enables us to focus on our strategic priorities and continue our value creation journey. We are now in a much stronger position to deliver on our strategy, refine our capital allocation priorities and explore the right strategic partnerships.”
Vivek Sood, Group Chief Executive Officer and Managing Director of Axiata said, “Axiata has been in Nepal for seven years, working alongside hard-working colleagues in Ncell. However, the increasing challenges in the operating environment represents a fundamental shift. It has led the Axiata board to conclude, after a thorough process, that our foray in Nepal cannot continue due to the unfavourable conditions for Axiata, the uncertain regulatory and tax environment and the looming risks associated with the expiry of the mobile license in 2029.
प्राधिकरणद्धारा जानकारी माग
नेपाल दूरसञ्चार प्राधिकरणले एनसेलको शेयर खरिद बिक्रीको बारेमा एनसेल एक्जियटासंग जानकारी मागरेको छ ।
एनसेलको सेयर खरिद(बिक्रीको विषयमा प्राधिकरणले शुक्रबार आजियटालाई सेयर बिक्रीको विषयमा जानकारी दिन पत्र लेख्दै स्पष्टीकरण मागेको हो ।
दूरसञ्चार नियमावली २०५४ को नियम १५ ९८० बमोजिम चुक्ता पुँजीको ५ प्रतिशतभन्दा बढी सेयर खरिद वा बिक्री गर्नुअघि प्राधिकरणको स्वीकृति लिनुपर्ने व्यवस्था छ । आजियटाले एनसेलको ८० प्रतिशत सेयर बिक्री गर्ने निर्णय दुई महिना अगाडि गरेको भएपनि बुधबारमात्रै सार्वजनिक गरेको थियो ।
नेपाल दूरसञ्चार प्राधिकरण ९अनुमतिपत्र प्राप्त व्यक्तिले सेयर खरिद बिक्री० विनियमावली, २०७६ को विनियम ४ ९क० बमोजिम अनुमतिपत्र प्राप्त व्यक्तिले सेयरधनीको सेयर खरिद(बिक्री वा नामसारी गर्नुपूर्व प्राधिकरणको स्वीकृति प्राप्त गर्नुपर्ने व्यवस्था रहेकाले त्यसअनुरूप गर्नरगराउन प्राधिकरणले स्पष्ट पारेको छ ।
