ADN Telecom to invest Tk 45 lakh in new digital news platform

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Business Desk :
ADN Telecom Ltd is going to invest Tk 45 lakh in order to own nearly half of a digital news platform, the company said on Wednesday.

The board of the internet service provider has decided to subscribe to 45 percent of the paid-up capital of the proposed company, ADN Media Ltd, it said in a filing to the Dhaka Stock Exchange (DSE).

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The initial paid-up capital of the proposed company, which will operate as an interactive digital media platform, will be Tk 1 crore, ADN said.

ADN Telecom plans to subscribe to 45,000 shares while face value of each share will be Tk 100.

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The new initiative will create numerous business opportunities, the company added.

ADN Telecom’s profit fell 32.18 percent year-on-year to Tk 4.44 crore in the first quarter of the fiscal year 2023-24 ending in June.

The company logged Tk 6.55 crore in profit in the July-September period of the previous financial year.

ADN’s shares closed 0.61 percent higher to Tk 117.20 on the DSE on Wednesday.

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