BSCCL to float share in January

BSCCL to float share in January

DHAKA, Nov 29 (BSS) – Bangladesh Submarine Cable Company Limited (BSCCL) is expecting to float share in January next year.

“The BSCCL would go to the share market in January as it is working to completing formalities within December to launch IPO,” secretary of posts and telecommunications Sunil Kanti Bose said today at an award giving ceremony.

BSCCL, as the first Bangladeshi company, has been awarded ‘AAA’ both in ‘government support’ and ‘stand alone basis’ by the evaluator organization Credit Rating Information Services Limited (CRISL).

Sunil Kanti, also the chairman of the state-owned company, said the BSCCL is making profit every year after being converted into a public limited company in July 1, 2008.

The BSCCL made profit of Taka 11.50 crore in 2008, Taka 34.50 crore in fiscal 2009-10 and Taka 54.50 crore in fiscal 2010-11. It has a total paid up capital of Taka 87.50 crore.

“BSCCL has given 10 percent dividend to the government exchequer in 2008, 30 percent in 2009-10 and 20 percent in 2010- 11 fiscal years,” said its managing director Monwar Hossain.

About conferring ‘AAA’ credit rating on BSCCL, chief executive officer of CRISL Mozaffar Ahmed said that the company has achieved great success both in business and management.

“BSCCL is the first instance in Bangladesh of attaining ‘AAA’ at all the measurement scale in the 16-year working history of CRISL,” he said.

BSCCL is the lone organization, which provides bulk bandwidth for foreign voice and data communication all over the country as well as connects Bangladesh with international super information highway.

The telecom secretary said the government is working to connect with another submarine cable ‘CMU5’ to be joined by big companies of pacific and eastern region.

“BSCCL has attained the ability to expand the network with its own cost,” he said.