Ace came into the market when public perception about finance companies
was very low. It still is. The reason is because of the proliferation of Finance
Companies in Kathmandu in the past two years. Furthermore, many of these
companies are not backed by professionally competent managers. Even in
such an adverse background the following achievements of Ace deserves
special mention.
In January 1996, for the first time in Nepal, Ace launched the first zero
coupon bond in the market under the name Ace Transferable Deposit (ATD
Jan 98). 3000 units of ATD Jan 98 with face value of Rs. 10,000 each was
sold out within 21 days during which the instrument was open for sale.
Backed by a bank line of credit, fully computerized secondary market trading
facility, ATD Jan 98 got a special mention in the Ministry of Finance
Economic Survey 1995-1996 for its innovation.
In May 7, 1996 Ace floated its shares to the general public, within seven days
1,20,000 shares were over subscribed by 25 per cent. No company in
Nepal, after the stock market crash in 1994, had been able to achieve total
subscription in such a short period of time. Ace now has a paid up capital of
NRs. 30 million out of which NRs. 18 million is the promoters share and the
remaining NRs. 12 million is the public share.
The concept of Project Financing was introduced by Ace as well. Ace
arranges and manages the finances for projects while the client can
concentrate strictly on executing his job. This has been highly appreciated.
Ace is currently managing finances for professionals in three such
projects. |
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