Axiata Group Berhad on Friday announced that it had entered into an unconditional sale and purchase agreement with Spectrolite UK Limited (purchaser) for the sale of Reynolds Holding Limited, which owns approximately 80 percent equity stake in Ncell Axiata Limited. 

Vivek Sood, group chief executive officer and managing director of Axiata, said: “Axiata has been in Nepal for seven years, working alongside hard-working colleagues in Ncell. However, the increasing challenges in the operating environment represent a fundamental shift. It has led the Axiata board to conclude, after a thorough process, that our foray in Nepal cannot continue due to the unfavorable conditions for Axiata, the uncertain regulatory and tax environment, and the looming risks associated with the expiry of the mobile license in 2029.