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Robi Axiata, the country's second-largest telecom operator, plans to launch a new subsidiary named "r ventures PLC" to provide digital services to its customers, according to a regulatory filing on Sunday.
The 100 per cent owned subsidiary will focus on digital services, including over-the-top (OTT) media services, ticketing and mobile value-added services.
Besides, the new subsidiary - which will have a registered office in Bangladesh - will invest in the country's startups and digital ventures.
Recently, Reddot Digital, a 100 per cent subsidiary of Robi Axiata, also announced the launch of another subsidiary named "AxEnTec PLC" aimed at selling and distributing IT solutions and digital services.
AxEnTec will cater to the market with sales, distribution and marketing services for connectivity, ICT solutions, software, applications, hardware, data centres, cloud and cloud infrastructure, Internet of Things (IoT) and cyber security.
On the other hand, Reddot will continue its existing business of developing and operating IT and ICT software, applications and related solutions.
Md Shahedul Alam, chief corporate and regulatory officer of Robi Axiata, highlighted the company's efforts to enhance services through focused initiatives by its subsidiaries.
In addition to its digital services plans, Robi has recently decided to borrow $55 million as a shareholder loan from its parent company Axiata Group Berhad for a three-year tenure to support network expansion.
The telecom operator's half-yearly profit witnessed a remarkable 140 per cent year-on-year surge to Tk 664 million in January-June this year, while revenue increased by 18 per cent to Tk 48.88 billion.
Robi is the second-largest telecom operator in terms of subscribers and revenue, holding 30.2 per cent of the market share.
Having attained 4G leadership, Robi was the first company to launch 4.5G services in all 64 districts in 2018 and successfully conducted the first-ever trial of 5G technology in the same year.
The mobile phone operator started its journey in 1997 under the brand name of Aktel. in 2010, it changed its name to Robi Axiata.
Presently, Axiata Group of Malaysia holds the controlling stake in Robi at 61.82 per cent, while Bharti Airtel of India holds 28.18 per cent, and the general public the remaining 10 per cent.
In December 2020, Robi made its entry into the stock market through the largest-ever initial public offering (IPO) in the capital market's history, raising around Tk 5.24 billion from a wide range of investors, including its own employees, under the fixed-price method.
However, its share price has been languishing at the floor price of Tk 30 on the Dhaka Stock Exchange since early August last year.