Budhanilkantha Heritage Hotel Limited has announced its 5th Annual General Meeting (AGM), scheduled for the 27th of Poush, 2080 (equivalent to January 11, 2024). The meeting will take place at the company’s registered office in Budhanilkantha, Kathmandu, Nepal, beginning at 4:00 p.m.
Among the various agendas, one notable item is the proposal to issue an Initial Public Offering (IPO) representing 15% of the company’s issued capital. Additionally, the AGM will cover the endorsement of the auditor’s report, including profit and loss statements, financial reports, and cash flow reports. The appointment of an auditor for the fiscal year 2080/81 will be discussed, along with the approval of decisions made by the board of directors. There is also an agenda empowering the Board of Directors to make essential amendments, additions, reductions, or alterations in the Articles of Association and Regulations during the issuance of the IPO.
ICRA Nepal has assigned a long-term rating of [ICRANP] LB+ to the NPR 900-million long-term loans (including proposed limits) of Budhanilkantha Heritage Private Limited (BHPL).
Incorporated in November 2018, Budhanilkantha Heritage Private Limited serves as a special-purpose vehicle (SPV) for the ownership and operation of a proposed nine-storied 5-star hotel under construction in Budhanilkantha, Kathmandu. The plot size for the hotel is approximately 5,820 square meters. The promoter group comprises professionals, including chartered accountants, doctors, and private entrepreneurs. BHPL represents the first hotel project for the promoter group and is currently under construction, with targeted commercial operations expected to commence in December 2021.