The board has decided to sell the shares in Ncell citing a failing business.
“The outlook in Nepal is increasingly challenging, thus the Board has decided to exit Nepal and accordingly reclassify Ncell as asset held for sale,” the company said in a statement.
The Malaysian firm added that this decision is strategic and aligns with its long-term goals and aims to benefit investors in the future.
Although it will raise questions over the investment opportunities available in Nepal. This comes as the Nepalese government is gearing up to host an investment conference to attract foreign capital to the country.
Ncell is a prominent player in the Nepali telecommunications sector. But in recent times the operator has seen its market share shrink due to a decline in users.
Axiata Group Berhad took an 80% stake in Ncell through Reynold Holding Limited and Sunivera Capital Ventures in 2022.
