KATHMANDU, Dec 24: KTM Hospitality Limited has announced plans to issue an Initial Public Offering (IPO) and has called its Annual General Meeting (AGM) for January 14 to seek shareholder approval for the proposal.
The company will table a total of six agendas at the AGM, including three ordinary and three special proposals. The IPO issuance plan will be forwarded for further process by the Board of Directors after approval from the general meeting.
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KTM Hospitality has constructed the five-star Royal Tulip Chitwan hotel in Sauraha, Chitwan. The 65-room hotel is currently in operation under a management agreement with Louvre Hotels Group of France. Louvre Hotels is regarded as Europe’s second-largest hotel brand, operating around 1,750 hotels across more than 70 countries.
Earlier in June/July, KTM Hospitality had already signed an agreement appointing RBB Merchant Banking as the issue and sales manager for the IPO. Through the public offering, the company aims to raise approximately Rs 80 million in capital.
