## Ncell announces sale transaction
Kathmandu, 1 December 2023
Ncell is pleased to announce that a transaction has been agreed between SpectrLite UK Ltd and Axiata UK Ltd whereby SpectrLite will be acquiring 100% of Axiata’s stake in Reynolds Holdings based in Saint Kitts and Nevis, which in its turn holds 80% of the shares in Ncell.
SpectrLite is committed to driving Ncell forward, expanding the range of services, enhancing quality, and introducing digital innovations.
**Commentaries**
The owner of Spectrlite UK, Mr Satish Lal Acharya, is of Nepali origin and currently based in Singapore said, “Spectrlite is pleased to announce an agreement for the acquisition of a controlling shareholding in Ncell. I will be drawing upon my extensive experience in the telecommunications industry and shall be working with the management of Ncell to drive innovations, investments, and a wide range of life enhancing services to the Nepalese people.”
Jabbor Kayumov – Chief Executive Officer & Managing Director of Ncell said, “Ncell is pleased with the upcoming change in ownership and eagerly anticipates collaborating with new shareholders to elevate Ncell into a world-class Nepali-driven data and communications hub. In the foreseeable future, Ncell will unveil its refined plans that underscore the substantial prospects for expanding Ncell’s service offerings. This evolution aims to maintain Ncell’s position as the leading national digital services and internet access platform.”
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**About Ncell**Ncell is the first private sector telecommunications service provider of Nepal established in 2004 and operating service since 2005, and is constantly working towards its goal of connecting every Nepalese through its network, providing high-quality modern services to consistently create better value for our customers and partners.
Contributing to the vision of ‘Digital Nepal’ and the development of the country’s economy and infrastructure, Ncell has built world-class networks and communication services and operates the widest 4G network in the country, fulfilling the national need for high-speed mobile broadband and creating new opportunities for the people of Nepal towards a brighter digital future.
Ncell is one of the largest taxpayers in Nepal. Ncell has contributed over NPR 283 billion (as of the FY 2021/22) as taxes and fees since its inception. We have contributed over NPR 1.80 billion under our Corporate Social Responsibility (CSR) initiatives in focus areas of education, environment, and health, supporting the Government of Nepal extensively.
Ncell is committed to contribute to the development of the country’s economy and infrastructure, building best-in-class networks and bringing people of Nepal within the reach of communications.
[https://www.ncell.axiata.com/en/about/media-room/press-release/ncell-announces-sale-transaction](https://www.ncell.axiata.com/en/about/media-room/press-release/ncell-announces-sale-transaction)
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[https://www.reuters.com/markets/deals/axiata-group-exits-nepal-operations-with-ncell-axiata-stake-sale-2023-12-01/](https://www.reuters.com/markets/deals/axiata-group-exits-nepal-operations-with-ncell-axiata-stake-sale-2023-12-01/)
Related:
>We have contributed over NPR 1.80 billion under our Corporate Social Responsibility (CSR) initiatives in focus areas of education, environment, and health, supporting the Government of Nepal extensively.
for tax evasion.