November 14: His Majesty the King has issued a royal Kasho announcing the establishment of the Druk Holding and Investments Limited.
The Druk Holding and Investments Limited will manage the existing and future investments of the royal government for the long term benefit of its shareholders.
The Royal charter was issued on November 11 coinciding with the birth anniversary of the fourth Druk Gyalpo.
The announcement of the Druk Holding and Investments Limited (DHI) was made today by the Prime Minister Lyonpo Kinzang Dorji. DHI will now hold the shares of all government linked companies established primarily for commercial purpose.
Initially shares of 14 companies will be transferred from the Finance Ministry to the DHI. Out of the 14, seven are DHI owned companies which are 100% government owned.
These are Basochu, Kurichu and Chukha Hydropower Corporations, Bhutan Power Corporation, Bhutan Telecom, Druk Air Corporation, Natural Resources Development Corporation.
The other seven companies, are DHI linked companies, meaning they are partially owned by the government. They are the Bank of Bhutan, RICB, State Trading Corporation of Bhutan, Penden Cement Authority limited, Bhutan Board Products, Bhutan National Bank and Bhutan Ferro Alloys limited.
However companies with primarily social mandates shall remain with the Finance ministry.
The royal charter states that DHI is being established realizing that the national wealth belongs to the people and should be safeguarded for all generations of Bhutanese and therefore must be managed and enhanced through prudent investments.
Conscious of the need to build a strong dynamic economy as the foundation for a vibrant democracy, DHI is established to hold and manage the existing and future investments of the royal government for the long term benefit of its shareholders, the people of Bhutan.
Lyonpo Kinzang Dorji said companies under the DHI can now make investments abroad through the DHI. The Prime Minister will be the President of DHI.
It will have seven board of directors chaired by the former trade and industry minister Lyonpo Om Pradhan.
The board members are Kinga Tshering, a research consultant, the Managing Director of Yangphel Enterprise Karma Loday, finance secretary Dasho Yangki T Wangchuk, the secretary of ministry of economic affairs Dasho Sonam Tshering, the planning secretary Karma Tshiteem and Karma Yonten who is the CEO of DHI and member secretary.
