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The Financial Express

ADN Telecom's IPO fund utilisation time extended


ADN Telecom's IPO fund utilisation time extended

ADN Telecom has informed that the Bangladesh Securities and Exchange Commission (BSEC) has approved its application for alteration and the time extension of utilisation schedule of IPO proceeds.

The utilisation of the remaining balance amount of Tk 288,582,868 under the head of BMRE (balancing, modernization, rehabilitation and expansion), has been extended for two years up to 31 December 2022, the company said in a filing on the Dhaka Stock Exchange (DSE) on Thursday.

The company has also informed that the utilisation of the remaining balance amount of Tk 32,632,813 under the head of data center has been extended for one year up to 30 September 2021 and the change of address of the data center.

The utilisation of the remaining balance amount of Tk 13,860,031 under the head of loan repayment as soon as possible towards paying off outstanding loan with The City Bank, said the company.

ADN Telecom raised Tk 570 million in 2019 through initial public offering (IPO) under the book-building method to develop infrastructures, establish data centre and repay bank loans.

Each share of the company, which was listed on the DSE in 2019, closed at Tk 41.80 on Thursday, gaining 2.22 per cent over the previous day.

The company's shares traded between Tk 32.10 and Tk 66.90 in the last one year.

The company has reported earnings per share (EPS) of Tk 1.20 in six months for July-December 2020 as against Tk 0.89 for July-December 2019.

The net operating cash flow per share (NOCFPS) was Tk 0.39 for July-December 2020 as against Tk 0.37 for July-December 2019.

The net asset value (NAV) per share was Tk 24.97 as on December 31, 2020 and Tk 25.27 as on June 30, 2020.

The IT sector company disbursed 15 per cent cash dividend for the year ended on June 30, 2020.

The company's paid-up capital is Tk 646.52 million and authorised capital is Tk 2.0 billion, while the total number of securities is 64.65 million.

The sponsor-directors own 51.56 per cent stake in the company while the institutional investors own 20.58 per cent, foreign investors 1.99 per cent and the general public 25.87 per cent as on February 28, 2021, the DSE data shows.

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