The Bangladesh Submarine Cable Company Limited (BSCCL), a state-owned core telecommunications service provider, will likely to submit its IPO (initial public offering) proposal to the securities regulator next week, officials said.
The officials of ICB Capital Management, the issue manager of the BSCCL, said they have almost completed the formalities for submitting the BSCCL's IPO proposal.
"We will submit the IPO proposal to the Securities and Exchange Commission (SEC) this month," Nasir Uddin Ahmed, chief executive officer of the ICB Capital Management, told the FE.
Sunil Kanti Bose, chairman of the BSCCL and secretary of the Ministry of Post and Telecommunications, said the company has planned to bring a tremendous change in its infrastructure with the fund raised through IPO.
"The government is not ready to invest its own fund for further extension of the BSCCL. That's why the company is going to public to expand cable networking, which will also help other private companies," Mr Bose told the FE.
The company will offload 31 million ordinary shares of Tk 10 each through direct listing method. The proposed offer price of each share is Tk 90, including a premium of Tk 80.
It provides the gateway to the country's telecommunication services through the international submarine cable and domestic high-capacity fiber-optic network.
The BSCCL, which emerged in July 2008, presently handles the country's lone submarine cable, the SEA-ME-WE-4, and represents Bangladesh in the SMW-4 international cable consortium.
By providing submarine cable bandwidth through the SEA-ME-WE-4 cable system, the BSCCL is contributing to the revenue earning of the government.
The submarine cable network is expected to be the main telecommunications infrastructure for the 'Digital Bangladesh' by the year 2021, and the BSCC is likely to play a key role in this regard.
Meanwhile, the regulator is likely to approve the RPO (repeat public offering) proposal of another state-owned enterprise - the Bangladesh Shipping Corporation (BSC) - this week, sources said. The company submitted the proposal to the SEC earlier this month.
The SEC officials said the company will be able to offload more shares within the expected timeframe, set by the government.
The company has informed the DSE that as per the decision of its board of directors, the re-fixed offer price of shares of Tk 100 each will be Tk 500, including a premium of Tk 400, for increasing paid-up capital.
The government's equity in the company, amounting to more than Tk 2.67 billion, will be converted into shares along with premium.
ICB Capital Management is also the issue manager of the BSC.
The officials of ICB Capital Management, the issue manager of the BSCCL, said they have almost completed the formalities for submitting the BSCCL's IPO proposal.
"We will submit the IPO proposal to the Securities and Exchange Commission (SEC) this month," Nasir Uddin Ahmed, chief executive officer of the ICB Capital Management, told the FE.
Sunil Kanti Bose, chairman of the BSCCL and secretary of the Ministry of Post and Telecommunications, said the company has planned to bring a tremendous change in its infrastructure with the fund raised through IPO.
"The government is not ready to invest its own fund for further extension of the BSCCL. That's why the company is going to public to expand cable networking, which will also help other private companies," Mr Bose told the FE.
The company will offload 31 million ordinary shares of Tk 10 each through direct listing method. The proposed offer price of each share is Tk 90, including a premium of Tk 80.
It provides the gateway to the country's telecommunication services through the international submarine cable and domestic high-capacity fiber-optic network.
The BSCCL, which emerged in July 2008, presently handles the country's lone submarine cable, the SEA-ME-WE-4, and represents Bangladesh in the SMW-4 international cable consortium.
By providing submarine cable bandwidth through the SEA-ME-WE-4 cable system, the BSCCL is contributing to the revenue earning of the government.
The submarine cable network is expected to be the main telecommunications infrastructure for the 'Digital Bangladesh' by the year 2021, and the BSCC is likely to play a key role in this regard.
Meanwhile, the regulator is likely to approve the RPO (repeat public offering) proposal of another state-owned enterprise - the Bangladesh Shipping Corporation (BSC) - this week, sources said. The company submitted the proposal to the SEC earlier this month.
The SEC officials said the company will be able to offload more shares within the expected timeframe, set by the government.
The company has informed the DSE that as per the decision of its board of directors, the re-fixed offer price of shares of Tk 100 each will be Tk 500, including a premium of Tk 400, for increasing paid-up capital.
The government's equity in the company, amounting to more than Tk 2.67 billion, will be converted into shares along with premium.
ICB Capital Management is also the issue manager of the BSC.
Source: FE
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