Axiata, a Malaysian multinational telecommunications conglomerate, is going to exit from Ncell, the first private mobile service provider in Nepal.
A board meeting of Axita held recently took a decision to this effect.
Axiata Group has 80 percent stake in Ncell.
Axiata Group Chief Executive Officer and Managing Director Vivek Sood informed that the board has decided to withdraw from Nepal.
"The challenge is increasing in Nepal," Sood said, "The board has decided to withdraw Axiata from Nepal. He said that 80 percent of shares of the group in Nepal are put aside for sale.
“Our decision will make Axiata stronger, prioritize our strategy and benefit shareholders in the long run,” said Sood.
