KATHMANDU

A right issue management agreement was signed today between United Modi Hydropower Limited and Citizens Capital Limited in a program held in Kamaladi, Kathmandu. The agreement was signed by Mr. Narendra Ballav Panth, Chairman of United Modi Hydropower Limited, and Mr. Sabir Bade Shrestha, CEO of Citizens Capital Limited.

As per the agreement, Citizens Capital Limited (a subsidiary of Citizens Bank International Limited) will manage the right-share issue of United Modi Hydropower Limited (subject to the company’s AGM/SGM approval) for its shareholders in the near future.

United Modi Hydropower Limited has developed its 10 MW project, “Lower Modi-1 Hydropower,” located in Parbat district. Projects commercial operation started in Mangsir in 1969.