BSCCL offers shares worth Tk 166cr to govt

Bangladesh Submarine Cable Company Limited (BSCCL), the state-owned data bandwidth service provider, has decided to issue 1.48 crore general shares worth Tk 166 crore in favour of the government.

The fund is being used for implementing the second submarine cable installation and establishment project titled “Regional Submarine Telecommunications Project, Bangladesh”, said the company in a filing with the Dhaka Stock Exchange on Wednesday.

The decision is subject to the approval of shareholders, the Bangladesh Securities and Exchange Commission and other relevant agencies.

The BSCCL will issue 1.27 crore shares at an issue price of Tk 110.2 each against Tk 140 crore it received from the government in FY16 and another 21 lakh shares to the government at an issue price of Tk 120.1 each against Tk 26 crore it received in FY17.

Listed in 2012, its share price increased 8.82 per cent to Tk 207.30 on the DSE on Wednesday.

Of the total stake in BSCCL, the government holds 73.84 per cent, institute 15.36 per cent, public 8.06 per cent and foreign 2.74 per cent as of November

30, 2021.