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Genex Infosys signs strategic business deal with Sonali Bank

The agreement to help generate Tk 30m to Tk 50m revenue annually

| Updated: October 05, 2020 15:52:46

Genex Infosys signs strategic business deal with Sonali Bank

Genex Infosys Ltd has signed an agreement with Sonali Bank Ltd — the largest state-owned commercial bank in Bangladesh, for implementing online tuition fee payment systems across the country.

Under the deal, students of all the schools managed by Sonali Bank are now able to pay their fees online through the bank, according to a disclosure posted on Dhaka Stock Exchange (DSE) website on Thursday.

Genex Infosys Ltd, one of the largest and publicly listed IT companies, is providing technical assistance to Sonali Bank for implementing the nationwide online payment systems for students.

“This will create a convenience for the parents and students and bring them under digital inclusion nationwide,” the disclosure noted.

A new aspect has been added to the country’s education system by this digital inclusion, in line with the vision of Digital Bangladesh, company officials said after the deal.

With this engagement, Genex Infosys is expecting to generate an additional Tk 30 million to Tk 50 million in revenue per year, according to the disclosure.

Each share of the Genex Infosys, which was listed on the bourses last year, closed at Tk 62.30 on Wednesday.

Its share traded between Tk 47.10 and Tk 70.80 in last year.

The company’s consolidated earnings per share (EPS) stood at Tk 1.22 for January-March 2020 as against Tk 0.81 for January-March 2019.

In nine months for July 2019-March 2020, its consolidated EPS was Tk 3.31 as against Tk 1.62 for July 2018-March 2019.

The company disbursed 5.0 per cent cash and 15 per cent stock dividend for the year ended on June 30, 2019.

The company’s paid-up capital is Tk 938.40 million and authorised capital is Tk 1.0 billion while total number of securities is 93.84 million.

The sponsor-directors own 34.99 per cent stake in the company, while the institutional investors own 28.22 per cent, foreign investors 0.35 per cent and the general public 36.44 per cent as on August 31, 2020, the DSE data show.



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