Manahari Development Institute (MDI) Nepal has won the Hasimoto APFED 2008 International Award for its environment reform and poverty alleviation programmes. The award carries a purse of $20,000.
MDI was selected for the award for launching poverty alleviation and various income-generating activities for ethnic communities in Manahari, Hadikhola, Kankada and Raksirang village development committees (VDCs) of Makawanpur district. MDI executed the programmes in cooperation with United Nations' World Environment Fund.
Founded in 2001 in memory of former Japanese prime minister Ryutaro Hasimoto, the award is given every year to a social organisation of Asia and the Pacific region.
Programme coordinator of the MDI-Nepal Khop Narayan Shrestha thanked the Ryutaro Hasimoto Award Committee for choosing his organisation for the award. He also appreciated the cooperation extended by DANIDA, Poverty Alleviation Fund, FAO, GTZ, World Food Programme, district development committee Makwanpur and local village development committees for the implementation of MDI's programmes.
Shrestha has left for Deveo city in the Philippines to receive the award, which will be handed over at a fourth prize distribution ceremony of the Asia and Pacific Environment and Development Forum (APFED). The ceremony will be held on July 25 and 26.
(source:THT online)
Friday, July 18, 2008
Primary market facing glut
Primary issues worth more than five times than that of fiscal year 2063-64 hit the market in the fiscal year 2064-65. Similarly, double the number of companies floated shares in comparison to the last fiscal year. Commercial banks topped the chart in the list of companies that issued IPOs then.
Securities Board of Nepal (Sebon) permitted 72 companies to issue Initial Public Offerings (IPOs) worth Rs 11.56 billion in the fiscal year 2064-65. Only 31 companies had received permission to issue IPO worth Rs 2.75 billion in the fiscal year 2063-64.
Of the 72 companies, 18 received permission for IPO worth Rs 1.1 billion, 49 received permission to issue rights share worth Rs 7.6 billion and five received permission to issue debentures worth Rs 2.95 billion.
In the fiscal year 2064-65, Sebon permitted altogether 64 financial institutions to float IPOs. “Around 13 commercial banks, 19 development banks, 32 financial institutions, six insurance companies and two other companies were permitted to issue their IPOs,” said Sebon.
Along with the increase in the number of primary issues, the capital market is heating and the need to increase manpower in Sebon is as urgent as market regulation, say experts.
“Despite lack of manpower, the board has started inspection of collection centres when the IPOs are being floated to encourage the common investors and discourage ‘fake-investors’, over the last couple of months,” Dr Chi ranjivi Nepal, chairman of Sebon said.
In recent days, the regulatory authority of capital market is also serious towards protecting the investors’ interest. “We are minutely watching the market,” he said adding that the board brought new regulations like Merchant Banking Regulation this past year. It is also bringing IPO Registration Regulation and Mutual Fund Regulation that are in the Finance Ministry awaiting the go-ahead.
The issuance for fiscal year 2064-65 is 49.3 per cent of the total IPOs so far.
(source:THT)
Securities Board of Nepal (Sebon) permitted 72 companies to issue Initial Public Offerings (IPOs) worth Rs 11.56 billion in the fiscal year 2064-65. Only 31 companies had received permission to issue IPO worth Rs 2.75 billion in the fiscal year 2063-64.
Of the 72 companies, 18 received permission for IPO worth Rs 1.1 billion, 49 received permission to issue rights share worth Rs 7.6 billion and five received permission to issue debentures worth Rs 2.95 billion.
In the fiscal year 2064-65, Sebon permitted altogether 64 financial institutions to float IPOs. “Around 13 commercial banks, 19 development banks, 32 financial institutions, six insurance companies and two other companies were permitted to issue their IPOs,” said Sebon.
Along with the increase in the number of primary issues, the capital market is heating and the need to increase manpower in Sebon is as urgent as market regulation, say experts.
“Despite lack of manpower, the board has started inspection of collection centres when the IPOs are being floated to encourage the common investors and discourage ‘fake-investors’, over the last couple of months,” Dr Chi ranjivi Nepal, chairman of Sebon said.
In recent days, the regulatory authority of capital market is also serious towards protecting the investors’ interest. “We are minutely watching the market,” he said adding that the board brought new regulations like Merchant Banking Regulation this past year. It is also bringing IPO Registration Regulation and Mutual Fund Regulation that are in the Finance Ministry awaiting the go-ahead.
The issuance for fiscal year 2064-65 is 49.3 per cent of the total IPOs so far.
(source:THT)
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