Best Finance Company Announces Changes in Share Ownership Structure

Best Finance Company Limited has announced changes in its share ownership structure following the approval of a special proposal during its 27th Annual General Meeting (AGM) held on 2081/07/14. As per the approved restructuring plan, the shareholding ratio of the founding shareholders will be adjusted from the existing 61.42% to 51.42%, while the public shareholders will see an increase from 38.58% to 48.58%.

The company’s Board of Directors, during its 598th meeting on 2081/10/09, approved an amendment to the company’s Articles of Association and Regulations. This amendment has also received approval from Nepal Rastra Bank and is now in the process of implementation. To facilitate this transition, the company has issued a seven-day public notice to all founding shareholders, allowing them to decide whether they wish to adjust their shareholding proportion. Since no objections or applications regarding changes in ownership structure were received within the stipulated period, the new share ownership will be finalized based on records as of 2081/12/05 (Tuesday).

Additionally, the company has informed all concerned stakeholders that any pending share transfers, including purchases, auctions, inheritances, or other transactions, must be completed within the given timeframe. Any remaining transfers beyond the specified date will require approval from the company.

Furthermore, in compliance with the directives issued by Nepal Rastra Bank, any shares converted from the founding group to the public category can only be sold if the concerned shareholder or institution is not listed on the blacklist of Credit Information Center Limited (CICL). To ensure compliance, shareholders are required to submit an updated CICL clearance certificate before their shares are deposited into their demat accounts.

For shares that are pledged as collateral, shareholders must obtain the necessary clearance documents, including a No Objection Letter (NOL) from the respective financial institution or concerned authority, before their shares can be transferred. The company has urged all shareholders to contact its head office in Kamaladi, Kathmandu, for further information and assistance in completing the required formalities.

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