Banglalink Digital Communications Ltd, the third-largest telecom service provider in Bangladesh, plans to get listed on the country’s capital market.
As per the plan, the multinational company wants to go public by offloading a 10 per cent share of its Tk 900 crore paid-up capital through initial public offering (IPO) under the fixed price method.
The telecom operator’s high officials on Tuesday held a meeting with Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Shibli Rubayat-Ul-Islam to know the details about the listing procedures and its benefits.
The company announced its intention to raise funds from the country’s capital market by offloading a 10 per cent share of its paid-up capital, according to BSEC sources.
Kaan Terzioglu, chairman of Banglalink and group chief executive officer of VEON, Jahrat Adib Chowdhury, Banglalink’s chief legal officer and company secretary, and Cem Velipasaoglu, its chief financial officer, attended the meeting on behalf of the telecom service provider.
The company’s current paid-up capital is about Tk8,400 crore and if it gets listed, it would become the highest paid-up company in the market, BSEC officials said.
Banglalink is fully owned by Telecom Ventures Ltd (previously Orascom Telecom Ventures Ltd) of Malta, which is a 100-per cent owned subsidiary of Global Telecom Holding, a subsidiary of the Dutch holding company VEON.
Banglalink on Monday announced that its annual revenue in 2022 increased by 12.1 per cent to Tk5,347 crore.
Banglalink’s digital entertainment application Toffee also contributed to the growth of the operator.
BSEC officials said that the Banglalink officials discussed the process and benefits of listing on the stock market and expressed their interest in listing on the stock market in Bangladesh.
BSEC spokesperson Rezaul Karim said the telecom operator showed interest to go public. “This is very positive news for the capital market.”
He said Banglalink has been assured of full cooperation in listing on the stock market.
Taimur Rahman, Chief Corporate and Regulatory Affairs Officer at Banglalink said, "Banglalink has been a catalyst for making telecom services affordable for the mass. It has been consistently performing well and the recent result indicates a strong foundation for future sustainable performance.”
“With double-digit revenue growth and exceptional digital services offering in the market, Banglalink is now serving more than 40 million customers nationwide,” he added.
“VEON sees a long-term opportunity in Bangladesh and would like to make the people of Bangladesh a part of Banglalink’s success story. In line with this, VEON had a good discussion with BSEC and would be working together to explore future opportunities."
Launched in February 2005, with more than 33.69 million subscribers over a decade, Banglalink was the catalyst for making the mobile telephony an affordable option for the consumers in Bangladesh.
