Bhotekoshi Power Company Refutes Claim of Free Share Deal With Gen-Z

Kathmandu: Bhotekoshi Power Company has refuted media reports claiming that an agreement was reached to provide free shares to Gen-Z. The company issued a press release on Wednesday, calling such reports false and misleading.

“We would like to clarify that there is no agreement between Bhotekoshi Power Company and Bhotekoshi Gen-Z Public Investment Public Company to buy or sell free shares,” the statement said.

According to the company, the agreement only involves selling 10 percent of its shares, each with a face value of Rs 100, to the public limited company. Under this arrangement, Gen-Z Company will make local residents directly affected by the hydropower project shareholders.

The statement further explained that Bhotekoshi Gen-Z Public Investment Public Company will take a bank loan to purchase the shares, while Bhotekoshi Power Company will only act as a guarantor for the loan.

Since the project is already complete, the dividend from the 10 percent shares will be used to repay the principal and interest on the loan taken by the public company. The company requested the public not to be misled, clarifying that the agreement has been misinterpreted as a deal to provide free shares.

 

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