The MoU, which FNCCI President Kush Kumar Joshi and FMM President Tan Sri Datuk Mustafa Mansur signed on behalf of their respected companies, aims to foster bilateral business ties and strengthen trade relationship between the two countries, states a press release.
Under the understanding, the two sides have agreed to exchange information related to trade and investment and visits of business delegations for promoting bilateral trade, joint venture investment and industrial collaboration.
The MoU also covers subjects like partnership in holding industrial fairs, capacity building of entrepreneurs and technology transfer for given new impetus to industrial and business development in the two countries.
Manasa Cement starts operations
JHAPA, Nov 19: Manasa Cement Industry based in Chandragadhi -3 of Jhapa commenced productions from Thursday.
With this new venture, the number of cement factories in the district has reached four. Previously, Pashupati, Gorakhkali and Century Cement Factory were operating in the district.
Speaking on the occasion, Nitesh Agrawal, one of the promoters of Manasa Cement, stated that the factory has a capacity to produce 100 tons of cement a day. He stated that the cement produced by the company is of 55 grade, and hence, would cater to the high grade cement requirements in the eastern region.
So far, the promoters have invested Rs 80 million in the industry, according to Agrawal.
Ace to provide 5.5 pc cash dividend
KATHMANDU, Nov 19: The 14th annual general meeting of Ace Development Bank Thursday endorsed the board of directors´ proposal to distribute 5.50 percent cash dividend to the shareholders.
On the occasion, the bank also unveiled a plan to add three more branches in this fiscal year. Presently, the bank is operating with six branches.
Issuing a press statement, the bank said it was also spinning off its merchant banking wing into Ace Capital Ltd in the near future. "Ace Capital Ltd has already been registered and the spin-off is in process," it states.
The financial statement of the bank states Ace earned a net profit of Rs 51.9 million in the last fiscal year. It´s total deposits during the period crossed over Rs 2.62 billion and total loans and advances stood at Rs 2.25 billion.
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