NSMF to sell Star Mall to repay loan

KATHMANDU, Oct 16: Global Bank and Siddharth Bank have agreed to allow cash-strapped Nepal Share Markets Finance (NSMF) to sell Star Mall, which has been pledged as collateral to a consortium of banks, for repaying its loan.



The board of directors of Star Holding, which owns Star Mall, has already authorized NSMF to sell the high-rise commercial building at Putalisadak at the maximum possible price.[break]



Nepal Rastra Bank - the central monetary authority - has also permitted NSMF to sell the building. NSMF has been given the full authority to valuate the building, bargain with perspective buyers and make necessary arrangements for transfer of ownership of the building.



As per the agreement, NSMF will have to pay outstanding interest worth Rs 26.3 million to both the banks within a month and pay remaining interest and principle within three months.



NSMF owes Rs 35.38 million to the banks.

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