GURU TECH

ADN Telecom to raise Tk 13.5cr

ADN Telecom Ltd. [Formerly known as Advanced Data Networks System Ltd.] is an ISO 9001 : 2008 certified company to provide seamless and secured data & internet connectivity to various grades of customers using fiber, satellite and wireless solutions. ADN has been providing services in the market with a very high level of success since 2003.
ADN Telecom will raise Tk 13.5 crore throughADN Telecom to meet its capital requirement to expand its fixed broadband network.
The local telecom and information technology service provider will issue 45 lakh shares of Tk 10 each at an offer price of Tk 30, including a Tk 20 premium, mainly to institutional investors.
This was disclosed at a signing ceremony between the company and an issue manager in Dhaka on Saturday night. The programme also aimed at informing the investors.
ADN Telecom, which received regulatory permission this February, appointed City Bank Capital Resources to manage the issue.
Asif Mahmood, chairman and managing director of ADN Telecom, and Ershad Hossain, managing director of City Bank Capital Resources, signed the issue management agreement.
ADN Telecom also signed two other deals with two institutional investors to sell its shares. The two institutions that will purchase the ADN Telecom shares are SEAF Bangladesh Ventures and Vanguard Asset Management.
Fahim Ahmed, managing director of SEAF Bangladesh Ventures, and Waqar Chowdhury, managing director of Vanguard Asset Management, signed the two deals with Mahmood.
Currently, the company is providing broadband connectivity to corporate clients through both wireless and wired line, said Abdul Matin Miazi, chief executive of ADN.
The company plans to expand the network out of Dhaka in partnership with another internet service provider, Agni Systems. Both companies will share the country’s largest mobile operator Grameenphone’s infrastructure for wireless services, he added.
“By driving development in the data and telecommunications sector, ADN Telecom is at the forefront of technology innovation and the national vision of Digital Bangladesh,” Mahmood said.
The City Bank Capital Resources managing director said: “As one of the leading telecom and IT service providers, we look forward to assist ADN in entering the capital market and beginning a new phase of growth.”

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