Approval of Rs 500 crore cash bond soon

Staff Reporter: The mobile financial company has applied for a zero coupon bond of Rs 500 crore in cash. The management company Riverstone Capital has applied to the Bangladesh Securities and Exchange Commission (BSEC) in August this year for approval of the bond. The authorities have hinted that the bond will be approved soon.

The face value of the bond will be Rs 650 crore over a five-year period. This will be the first bond of a mobile or digital financial services company in the country. Riverstone Capital and Green Delta Capital are the trustees.

Third Wave Technologies Limited is launching the digital financial transaction service ‘Nagad’ of Bangladesh Postal Department. The service covers financial transactions. Such as- Cash-in, Cash-out, Send Money (P-to-P), Payment, Mobile Recharge etc.

Besides, the cash authorities have claimed that the transaction cost of ‘cash’ is the lowest in the country.

The bond issue was announced at a road show organized by the Bangladesh Securities and Exchange Commission (BSEC) on investment in Bangladesh in New York, USA in July this year.

Following the announcement, an application was made to BSEC for approval of Riverstone Capital Bonds as the issue manager. Riverstone Capital authorities expect approval of Rs 500 crore soon.

Meanwhile, the state-owned Postal Department, a state-owned mobile banking service provider, owns 51 per cent stake in the cash. However, the postal department will not pay for this ownership. The remaining 49 percent shares will be in the hands of Cash Limited.

It was decided to form a separate company called ‘Nagad Bangladesh PLC’. The new organization will have a 9-member board of directors. Of these, 5 will be representatives of the government including the chairman, the remaining 4 will be from the private sector.


Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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