Tuesday, April 30, 2024
ADN Telecom – one of the major sister concerns of ADN Group – received approximately 1.75321 acres or 7,095 square meters of land in Sylhet’s Bangabandhu Sheikh Mujib Hi-Tech Park (BSMHTP) for developing international standard manufacturing facilities.
The company confirmed this information on the Dhaka Stock Exchange (DSE) website on Wednesday. The agreement was signed on Tuesday.
ADN Telecom said it has been allocated land in the Bangabandhu Sheikh Mujib Hi-Tech Park (BSMHTP), Sylhet, by the Bangladesh Hi-Tech Park Authority (BHTPA) under Information and Communication Technology Division of the Ministry of Posts, Telecommunications and Information Technology.
As per the terms of the Agreement for Lease of Land dated April 16, the company has been granted a lease for a portion of land within BSMHTP for 40 years measuring approximately 1.75321 acres or 7,095 square meters for developing international standard manufacturing facilities.
The annual lease rent for the land, fixed at BDT equivalent to USD 1.50 per square meter per year, amounts to $10,642.50 for the first ten years. After the first ten years, the lease rent will increase every three years, with a maximum increase of ten per cent, read the notice.
Recent investments
Back in November 2023, ADN Telecom acquired another 40 per cent stake in ADN International Gateway (AIG), a broadband service provider, for Tk 1.13 crore.
AIG is a private limited company holding an International Internet Gateway (IIG) license issued by the Bangladesh Telecommunication Regulatory Commission (BTRC).
ADN Telecom and ADN International Gateway are two major concerns of the AND Group. ADN Telecom first acquired a 40 per cent stake in AIG in 2021.
This vertical acquisition has increased ADN Telecom’s current shareholding from 40 per cent to 80 per cent in ADN International Gateway, making AIG a subsidiary of ADN Telecom.
In June 2023, ADN Telecom expanded its portfolio by acquiring a 10 per cent stake in Shohoj, an online ticketing platform, with an investment of Tk 120 million.
Shohoj launched as an online ticketing platform in Bangladesh in 2014 under the brand name “Shohoz.” It holds the number one position in terms of the usage of its ticketing software by long-distance bus operators as well as use of its web-based ticketing systems.
On top of that, “Shohoz” exclusively manages the online integrated ticketing platform of Bangladesh Railway.
In July 2023, ADN Telecom also acquired 60 per cent shares of SOS Developments, a fire security service provider, at a cost of Tk 20 million for 10 years.
In May 2023, the company decided to construct a 13-storey commercial building and set up a data center there in the capital’s Badda area.
In September 2023, the company also decided to acquire a 235-decimal plot of land in Gazipur at a cost of Tk 23 million for future business expansion.
In January 2024, the company Board of Directors approved the proposal to invest Tk 1.5 crore in acquiring an additional 50 per cent of shares in MY TEL Ltd.
This vertical acquisition will increase ADN Telecom Limited's current shareholding from 32 percent to 82 per cent in MY TEL Ltd, positioning it as a subsidiary of ADN Telecom Ltd.
