ADN Telecom to buy Tk2.3cr land for business expansion
Publicly listed ADN Telecom Limited — a provider of IT and telecommunication services — is set to acquire a 235-decimal plot of land in Gazipur at a cost of Tk2.3 crore.
In a Dhaka Stock Exchange (DSE) filing on Thursday, the company informed that the purpose of acquiring the said land is future business expansion. But the detailed plan of expansion has not been disclosed by the company yet.
Md Monir Hossain, company secretary at ADN Telecom, said the company's initial focus is to secure the land, as investments in land are traditionally lucrative.
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"After purchasing the land, the company will determine how to use it for future business expansion," he added.
This June, ADN Telecom decided to acquire a 10% stake worth Tk12 crore at Shohoj Limited — the pioneer of Bangladesh's largest online ticketing platform "Shohoz".
A month earlier, the company decided to construct a 13-storey commercial building and a data centre setup in the capital's Badda area.
The first and second floors of the 13-storey building, which includes three basements, will be designated for the data centre.
The estimated total cost of the project was Tk70 crore financed through a syndicate loan from banks.
ADN Telecom was established in 2003. It raised Tk57 crore from the stock market through an initial public offering (IPO) 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 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.
On Thursday, the company's shares closed at Tk127.5 apiece at the DSE, which was 5.2% higher compared to the previous session.
