Bangladesh Submarine Cables PLC (BSCPLC) has received approval to issue 2.21 crore ordinary shares, valued at Tk 75 each, in exchange for a government share money deposit of Tk 166 crore. This deposit was made to support the company’s second submarine cable project aimed at increasing internet bandwidth. The approval, granted by the Bangladesh Securities and Exchange Commission (BSEC), will see the shares issued to the Ministry of Posts, Telecommunications, and Information Technology. BSCPLC, which is majority-owned by the government, experienced an 8% rise in its share value to Tk 159 at the Dhaka Stock Exchange. The government had previously allocated Tk 140 crore in FY 2015-16 and an additional Tk 26 crore in FY 2016-17 for this project, which involves the Southeast Asia–Middle East–Western Europe 5 (SMW-5) submarine cable system.
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