ADN Telecom to acquire 10% stake of Shohoj Ltd at Tk12cr
Publicly listed IT and telecommunication services provider ADN Telecom is going to acquire a 10% stake at Shohoj Limited — the pioneer of Bangladesh's largest online ticketing platform "Shohoz" — at a cost of Tk12 crore.
This is the first local investment in Shohoj Limited, and the company will use the fund to expand its business.
ADN Telecom's Managing Director Henry Hilton told The Business Standard, "This investment was planned seeing good business potential from the share acquisition. Not only will it help Shohoj expand its business, but also help us expand ours."
"Shohoj is currently offering online ticketing services. Through this investment, the company will be able to focus on this sector's expansion."
Keep updated, follow The Business Standard's Google news channel
"Apart from this, our expert team and Shohoj's team will work on business development," he added.
Shohoj at a glance
Shohoj, founded in 2014 for online bus, launch, events and movie ticketing services, secured its edge and became the market leader in the ticketing segment.
Later, it opened motorcycle ride-sharing, truck booking, online doctor consultation, digital education, and home delivery of foods, groceries, and medicine through the "Shohoz" app.
"Shohoz" exclusively manages the online integrated ticketing platform of Bangladesh Railway.
ADN Telecom's other endeavours
The ADN Group's concern, in May this year, decided to construct a 13-storied commercial building and set up a data centre in the capital's Badda area.
The building will have a total approximate floor space of 1,16,400 square feet, and the first and second floors will be used as the data centre.
The estimated total cost of the project will be Tk70 crore which will be financed through a syndicate loan from banks.
Earlier, in July last year, ADN Telecom signed an agreement to acquire 60% shares of SOS Developments — a fire security solutions service provider — at a cost of Tk2 crore for 10 years. The expected revenue from this deal is over Tk50 crore approximately per year.
ADN Telecom was established in 2003. It raised Tk57 crore from the stock market through an initial public offering in 2019. Since its stock market listing, the company has been paying 10-15% cash dividends per year.
In the January to March quarter of the current 2022-23 fiscal year, the company's consolidated net profit stood at Tk3.48 crore, which was higher compared to the same quarter previous year.
As of 31 March 2023, sponsors and directors held 44.91%, and institutions 18.30%, foreign investors 1.99%, and general investors 34.80% shares in the company.
