After
17 years, the number of Class A companies listed at the stock market dropped for
the first time also due to mergers among some and failure in submitting
their financial reports on time to the Nepal Stock Exchange (Nepse).
The number of class A listed companies has dropped to 120 in the current fiscal year, according to Nepse that had listed some 133 companies under Class A in the last fiscal year, though some 229 companies are listed at the Nepse, currently.
According to the regulation, a company with at least Rs 20 million paid up capital, some 1,000 public share holders, been generate profits for last three consecutive years, maintain book value of shares at higher level than paid-up value and submit financial reports within six months after the end of every fiscal year will be classified under elite group, Class A.
“Failure of many listed companies to provide their financial reports within six months after the end of last fiscal year and merger of some of the financial institutions have brought the number down,” said the Nepse. “In the current fiscal year, a total of 28 companies were removed from the elite class after they failed to fulfill the regulations or merged with other institutions.”
However, some 15 new companies got entry to the Class A this fiscal year.
The number of class A listed companies has dropped to 120 in the current fiscal year, according to Nepse that had listed some 133 companies under Class A in the last fiscal year, though some 229 companies are listed at the Nepse, currently.
According to the regulation, a company with at least Rs 20 million paid up capital, some 1,000 public share holders, been generate profits for last three consecutive years, maintain book value of shares at higher level than paid-up value and submit financial reports within six months after the end of every fiscal year will be classified under elite group, Class A.
“Failure of many listed companies to provide their financial reports within six months after the end of last fiscal year and merger of some of the financial institutions have brought the number down,” said the Nepse. “In the current fiscal year, a total of 28 companies were removed from the elite class after they failed to fulfill the regulations or merged with other institutions.”
However, some 15 new companies got entry to the Class A this fiscal year.
The
merger among the financial institutions has reduced the number of Class A
financial institutions to 31 from last fiscal year’s 48.
Some 21 companies were removed from the Class A and four new companies – Everest Finance, Om Finance, Seti Bittiya Sanstha and Synergy Finance – made it to the elite club. Likewise, Himalayan General Insurance Company has also been removed from the Class A, whereas development bank sub group saw addition of three more to the list making a total of 45 evelopment in the Class A in the current fiscal year from last fiscal year’s 42.
Similarly, commercial banks sub group added two – Janata Bank and Sanima Bank – to the elite club making 25 commercial banks in the current fiscal year from last fiscal year’s 23.
Some 21 companies were removed from the Class A and four new companies – Everest Finance, Om Finance, Seti Bittiya Sanstha and Synergy Finance – made it to the elite club. Likewise, Himalayan General Insurance Company has also been removed from the Class A, whereas development bank sub group saw addition of three more to the list making a total of 45 evelopment in the Class A in the current fiscal year from last fiscal year’s 42.
Similarly, commercial banks sub group added two – Janata Bank and Sanima Bank – to the elite club making 25 commercial banks in the current fiscal year from last fiscal year’s 23.
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