Banglalink Digital Communications Ltd, the third-largest mobile phone operator in Bangladesh, has expressed its intention to raise funds from the country’s capital market by offloading 10 per cent of its paid-up capital.
A number of senior officials of Banglalink on Monday held a meeting with the Bangladesh Securities and Exchange Commission chairman Shibli Rubayat-Ul-Islam to discuss the listing procedures and benefits.
Veon chairman emeritus and co-founder Augie K Fabela II, Veon chief executive officer Kaan Terzioglu, Banglalink chief executive officer Erik Aas and its chief financial officer Cem Velipasaoglu were present in the meeting.
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, which is, in turn, a subsidiary of the Dutch holding company VEON.
BSEC executive director Rezaul Karim told New Age that the officials met with the BSEC chairman to discuss the listing on the country’s capital market.
The meeting was fruitful and the commission assured the officials of all possible supports in making the Banlalink listing on the market, he said.
BSEC officials said that the Banglalink officials discussed the process and benefits of listing on the market and expressed their interest in listing on the stock market in Bangladesh.
Banglalink posted the highest revenue growth in six years in 2021.
The revenue of the third-largest mobile phone operator in Bangladesh rose by 5.1 per cent year-on-year to Tk 4,794 crore in 2021.
Banglalink’s earnings before interest, taxes, depreciation and amortisation was Tk 2,000 crore in 2021 against Tk 1,900 crore in the previous year.
The annual revenue grew by 0.7 per cent year-on-year to Tk 4,560 crore in 2020. It was Tk 4,530 crore in 2019.
The number of Banglalink’s connections was about 3.74 crore in January 2022.
In November 2020, Robi Axiata Limited raised Tk 523.79 crore from the country’s capital market through an initial public offering, which was the biggest-ever public offer in Bangladesh.
Grameenphone, the leading mobile phone operator in the country, raised Tk 486 crore through an IPO in July, 2009, which was the biggest IPO before Robi.
If listed, Banglalink would be the third telecom operator and the 14th multinational entity on the market.
Source: https://www.newagebd.net/article/166008/banglalink-intends-to-float-ipo