Best Finance Company Limited has revealed adjustments to its share ownership framework following the endorsement of a special proposal during its 27th Annual General Meeting (AGM) conducted on 2081/07/14. Under the sanctioned restructuring plan, the ownership percentage of the founding shareholders will be modified from the prevailing 61.42% to 51.42%, while public shareholders will witness an increase from 38.58% to 48.58%.
The company’s Board of Directors, in its 598th meeting on 2081/10/09, sanctioned a revision to the company’s Articles of Association and Regulations. This revision has also been approved by Nepal Rastra Bank and is currently being implemented. To ease this transition, the company has issued a seven-day public notice to all founding shareholders, allowing them to choose whether they would like to modify their shareholding ratio. Since no objections or applications concerning changes in ownership structure were received within the designated period, the new share ownership will be concluded based on records as of 2081/12/05 (Tuesday).
Moreover, the company has notified all relevant stakeholders that any outstanding share transfers, including acquisitions, auctions, inheritances, or other transactions, must be finalized within the allotted timeframe. Any pending transfers beyond the specified date will necessitate endorsement from the company.
Additionally, in accordance with the mandates set forth by Nepal Rastra Bank, any shares transitioned from the founding group to the public category may only be sold if the relevant shareholder or institution is not included on the blacklist of Credit Information Center Limited (CICL). To ensure adherence, shareholders must furnish an updated CICL clearance certificate before their shares are deposited into their demat accounts.
For shares that are pledged as security, shareholders are required to secure the necessary clearance documents, including a No Objection Letter (NOL) from the corresponding financial institution or relevant authority, prior to the transfer of their shares. The company has encouraged all shareholders to reach out to its head office in Kamaladi, Kathmandu, for additional information and support in completing the necessary formalities.
