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

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

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).

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.

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 today.