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ADN Telecom to set up own data centre

Staff Correspondent
04 May 2023 00:00:00 | Update: 03 May 2023 22:49:19
ADN Telecom to set up own data centre

In line with its growing IT and telecommunication services business, ADN Telecom Ltd decided to construct a spacious commercial office building at its own land.

The company will spend Tk 70 crore to construct the new office building where it will also set up an own data centre.

The new office building will be ready for use by 2026, the listed company said in a filing on Tuesday which is available on the Dhaka Stock Exchange (DSE) website.

The tech company is currently operating its business at a rented office.

Concerning the construction of own office building, Monir Hossain, company secretary of ADN Telecom told The Business Post, “We have our own land in the capital’s Badda area, where we have decided to construct a 13-storey office building.”

“Our business is now growing fast, that’s why we need a multi-storey office to operate the tech services operations,” he added.

The company’s board of directors, as per the DSE disclosure, already approved the proposal for the construction of a 13-storey commercial building with an approximate floor space of 116,400 square feet.

A syndicate loan will be taken to meet the cost of construction of the new office building. Investors will be notified when this loan process will get finalized, according to Monir Hossain.

TDN Telecom officials believe this investment will have a very positive impact on the long-term growth of the company.

To diversify its business, ADN Telecom in July last year, had announced that it would acquire a 60 per cent stake by spending Tk 2 crore in SOS Developments Limited, a private limited company providing fire safety services.

The company also released its current fiscal’s third quarterly financial statements on Tuesday, with making an impressive year-on-year profit rise.

The company’s profits surged in the January-March quarter of the fiscal year 2022-23 due to the launch of new services.

In the quarter, the company’s consolidated net profit stood at Tk 6.59 crore, while its consolidated earnings per share (EPS) were Tk 1.02. Its consolidated earnings per share were Tk 3.03 for the period of July to March of the current fiscal.

The listed IT firm’s consolidated net asset value per share was Tk 29.62 till March 31 this year.

Sponsors-directors owned a 44.91 per cent stake in the company, while institutional investors 18.30 per cent, foreign 1.99 per cent and general investors 34.80 per cent as on March 2023.

ADN Telecom, one of ADN Group’s major sister concerns, currently provides IT and telecommunications services in the country.

It raised Tk 57 crore through an initial public offering (IPO) in 2019.

AND Telecom shares closed at Tk 137.80 per share on the Dhaka Stock Exchange (DSE) on Wednesday.