Axiata Group to exit Nepal, puts all of its Ncell’s stake up for sale

KATHMANDU: Axiata Group, the Malaysian multinational telecommunications conglomerate holding an 80 percent stake in Ncell, has decided to exit from the Nepali market.

The company has opted to put all of its Ncell shares up for sale.

According to Vivek Sood, the Group Chief Executive Officer and Managing Director of Axiata, the decision to withdraw from Nepal was made by the Board of Directors.

Axiata obtained the company’s shares from the Swedish telecommunications giant TeliaSonera in April 2016.