News coming out today from different online media suggest that the Japanese communication corporation, OCC ( Ocean Cable and Communications) is acquiring Smart Cell for Rs. 12 billion. According to the reports both the parties have reached the sales-purchase deal which involved all the top-level authorities of both the company. Also, the reports suggest that the OCC corporation wants Smart Cell to clear all its dues and taxes before acquiring the company.
Smart Cell is one of the fast-growing telecom company in Nepal which provides communication services. Established on July 1, 2008, Smart Cell is the third-largest telecom company in Nepal. You can find their 4G network in 19 districts of the country. On the other hand, OCC Corporation is a Japanese manufacturing and marketing company that produces submarine optical cable and related products, cable for communication on land, cable for observation and exploration, CATV cable, Optical fiber cable, and Other related products. Established in June 1935 the company is the first and only submarine communications cable specialized manufacturer in Japan.
According to sources, Smart Cell is yet to pay almost Rs. 4 billion to the government for frequency fees, license renewal, Royalty, and RTDF fees. According to the reports, the government has frozen all the assets of Smart Cell for not clearing the dues and the company is restricted to transfer its assets and shares as Smart Cell failed to pay the ninth installment of its due which should have been cleared by July of last year. The Ministry of Communications and Information Technology (MoCIT) has given Smart Cell till mid-July to clear all the dues and restricted the firm from transferring its shares without the consent of the government. It is also rumored that Smart Cell has not informed the government regarding the latest agreement with the OCC Corporation.
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