City Hotel has issued a press release categorically denying rumors regarding the sale of the founding group’s shares, calling them completely false and misleading. The company confirmed, based on official records from CDSC, that 90.40 percent of the shares held by the founders and employees remained locked-in until Jestha 4, 2083. On this basis, City Hotel has decided to pursue legal action against those spreading misleading news.
Kathmandu, 23 Baishakh – The company declared that rumors about the sale of shares held in ‘lock-in’ by the founding group of City Hotel are entirely incorrect, deceptive, and baseless. The statement released on Wednesday emphasized, “The company has fully complied with all lock-in regulations since inception. We urge the public not to believe such unfounded and misleading news and to rely only on the company’s official information as a trustworthy source.”
In a press release issued by Company Secretary Sundar Bahadur Sen, correspondence with CDS and Clearing Limited was mentioned, requesting updated details on the foundational group’s shares. According to the company, all 27,219,328 shares held by the founders and employees remained under lock-in until Jestha 4, 2083, as per the latest information received.
City Hotel stated that it issued rights shares to existing shareholders with the approval of the Nepal Securities Board. Some shares remained unsold and, following Directive No. 15 of the Securities Issuance and Distribution Directive, 2074, the company informed the board and sold these shares through bidding. The company has resolved to take necessary legal measures against all parties involved in publishing misleading news.
