Robi Axiata’s subsidiary, Reddot Digital Ltd, has announced the launch of a new entity, “AxEnTec PLC,” dedicated to providing IT solutions and digital services. The new subsidiary will focus on sales, distribution, and marketing of connectivity, ICT solutions, software applications, hardware, data centers, cloud infrastructure, Internet of Things (IoT), and cyber security. The demerger of Reddot Digital has been approved by the board, pending the High Court’s consent. AxEnTec PLC will be headquartered in Bangladesh, aiming to bolster the government’s digital goals and support consumers through its subsidiaries.
Robi Axiata, the second-largest telecom operator, has been striving to enhance its services and expand its customer base. In 2022, the company formed “Smart Pay,” a 100 per cent subsidiary, offering electronic payment and related services. With Axiata Group holding a controlling stake of 61.82 per cent, Bharti Airtel of India at 28.18 per cent, and the general public with the remaining 10 per cent, Robi posted a 5.52 per cent year-on-year profit growth, amounting to Tk 420 million for January-March, driven by increased revenue. Despite being a 4G leader and pioneering 4.5G services in all 64 districts in 2018, the company’s share price has remained stagnant at Tk 30 on the Dhaka Stock Exchange. Recently, Robi decided to secure a $55 million loan from its parent company, Axiata Group Berhad, for a three-year period.
Source for more details:
