Print Edition - 2015-06-11 | MONEY
13 Nepse-listed cos claim severe damage
Jun 10, 2015-
Thirteen companies listed on the Nepal Stock Exchange (Nepse) are reported to have suffered severe damage to their office structures in the devastating April 25 earthquake and aftershocks. Of the 69 companies that have reported at the Nepse, 24 companies said to have undergone partial damages while 32 have remained unaffected with the earthquake.
Infrastructure Develop-ment Bank, Sunrise Bank Limited, Citizens Bank International, Nepal Insurance Company, Kasthamandap Development Bank, Society Development Bank and Professional Diyalo Bikas Bank were among the companies to have bore the brunt of the tremors. Likewise, Narayani National Finance, Sanima Bank, ICFC Finance, Sagarmatha Insurance, Araniko Development Bank and Everest Insurance have also suffered major damage to infrastructure.
Nepse spokesperson Shambhu Pant said they had asked the listed companies to inform about their losses to keep the investors abreast about the companies’ status. “The investors based on the report could decide the companies’ financial position before making an investment decision,” said Pant.
A total of 241 companies are listed on the secondary market. However, only 29 percent have submitted reports on damages.
Infrastructure Develop-ment Bank has reported major damages in its branch offices in Liping of Sindhupalchok district and Charikot of Dolakha district. Citizens Bank said its branch offices in Thapathali, Mahabouddha and Dillibazaar sustained severe damage in the earthquakes.
Nepal Insurance has estimated a loss of Rs 3 million in its Kamaladi based office, while Kasthamandap Development Bank has put the loss at its Sanobharyang branch at at Rs 2.16 million. Likewise, Society Development Bank has reported a loss of Rs 2.01 million in its offices in Chandranigahpur and Lalbandi of Sarlahi district and Dillibazaar, . Narayani National Finance has suffered a loss worth Rs 1.4 million in its offices at Kalikasthan, Dhalko and Chitwan.
The loss of Sanima Bank has been estimated at Rs 12.89 million, while ICFC Finance and Sagarmatha Insurance have estimated their losses at Rs 2.11 million and Rs 400,000 respectively.
Araniko Development Bank’s loss has been estimated at Rs 3.53 million, while its bad debt resulting from the earthquake has been earmarked at Rs 210.52 million.
Published: 11-06-2015 09:23