ADN buying 10pc of Shohoj Ltd

ADN Telecom Limited is acquiring a 10 per cent share of online ticketing platform Shohoj Limited.

The board of directors of ADN Telecom Limited approved the proposal for an investment of Tk 12 crore to acquire 10 per cent shares of Shohoj Limited yesterday, according to an executive of ADN Telecom Limited.

ADN Telecom is known for its expertise in the telecommunication ecosystem, and Shohoj is a prominent digital service provider in Bangladesh, according to a statement by ADN.

"We have mutually agreed. Shohoj is a prominent online ticketing platform and we think it will drive the Smart Bangladesh vision," said Azim Hossain, head of brand and communications of ADN.

With this partnership, ADN Telecom and Shohoj will work together to develop and deploy innovative solutions.

Shohoj Limited was valued at around $45 million when Vostok New Ventures invested about $7 million for a 15.6 per cent stake in the first quarter of 2019, according to Vostok New Ventures' financial report for the first quarter of 2019.

Shohoj Limited first ventured out as an online ticketing platform in Bangladesh under the brand name of "Shohoz". It holds the number one position in terms of the use of its ticketing software by long-distance bus operators in counters nationwide as well as use of its web-based ticketing systems.

Also, "Shohoz" exclusively sells and manages the online integrated ticketing platform of Bangladesh Railway.

Earlier, "Shohoz" closed its ridesharing, online food delivery and truck hiring services.

ADN Telecom Limited is a leading telecommunications service provider in Bangladesh, offering various connectivity solutions, including internet services, data centre services, and network infrastructure.

Shohoj did not immediately respond to request for comment.