Private investors to possess 49pc stake on Nagad, govt 51pc
Non-public investors will hold a 49 per cent stake on Nagad Ltd and the postal department the others as the federal government looks to perform the mobile personal service as a subsidiary, its leading executive said yesterday.
The postal section owns 100 per cent of the shares of Nagad right now.
Under a well planned new ownership composition, private companies will collectively own 49 per cent shares of Nagad, and the others will be manipulated by the postal section, explained Tanvir A Mishuk, managing director of Nagad.
He disclosed this in a debate with reporters at The Westin Dhaka yesterday.
Third Wave Technology has been supplying technological and logistics supports to the postal division since March 2019, when it rolled out the service commercially.
The private company now enjoys 49 % of the full total revenues in trade for providing technological supports. Nonetheless it will not own any show at the moment.
Third Wave Technologies has been renamed Nagad Ltd, that will operate as a subsidiary of the postal section.
Mishuk as well said Bangladesh's financial sector needs purchase from global tech giants such as Amazon, Facebook and Google.
"We will be in talks with among the global tech giants. We've completed primary discussions. Due diligence has been accomplished. We will declare the brand of the tech huge once we get the ultimate licence from the central bank."
Contacted, Md Siraz Uddin, director-regular of the postal department, said they had not talked about anything with the tech giants.
"We don't know anything on the problem," he said.
In March this past year, the central bank gave a no-objection certificate (NOC) to Nagad, asking it to have a final licence from it after following all regulations.
However the central bank was forced to increase the time frame of the NOC by three months as the operator has didn't complete all of the procedures. Nagad provides been asked to comprehensive the procedures by June.
Mishuk said the government was nowadays amending the Post Office Act 1898 so that you can take over 51 % shares of Nagad Ltd.
"The draft act has been vetted by the law ministry. We will be ready to take the ultimate licence from the central lender once the act is amended," he explained.
He expressed expectation that Nagad would manage the acceptance within the latest timeframe set by the central lender.
When reporters drew focus on an advertisement broadcast simply by the business attacking another MFS entity, Rahel Ahmed, chief executive officer of Nagad, explained they didn't have any purpose to attack anyone.
"Broadcasting the advertisement is merely our online marketing strategy," he explained, adding that the MFS enterprise would bring a fresh version of the advertisement soon.
The carrier is the second-largest MFS provider in Bangladesh after bKash. It has 3.75 crore customers, and Tk 400 crore is transacted through the platform each day on average.
