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BTCL spins off from BTTB PDF Print E-mail
Thursday, 03 July 2008

The assets and liabilities of the now-dissolved Bangladesh Telegraph and Telephone Board were officially transferred to the newly-formed Bangladesh Telecom Company Limited (BTCL) Tuesday through execution of a formal agreement, reports bdnews24.com.

BTCL and Bangladesh Submarine Cable Company, which made their debut on Tuesday as public limited companies, had been spun off from the BTTB after its dissolution.

MA Malek, who is in charge of the telecoms ministry, delineated different aspects of the new enterprises at the asset-transfer ceremony at the post and telecommunications ministry.

Telecoms secretary Iqbal Mahmood was also present.

BTCL announced Monday that it would offload shares in the market in phases. The government now holds the 100 percent stake.

BTCL valued at Tk 15,000 crore started its journey with all assets and manpower owned by the BTTB.

On BTTB's assets and liabilities, Iqbal Mahmood said Monday that the estimated assets would total about Tk 15,000 crore.

DataCon, a German firm entrusted with the job of estimating BTTB's assets and liabilities, failed to submit its report by the April 30 deadline.

DataCon again failed to carry out the assigned task after the deadline was extended until June 30, Mahmood said.

Another firm will now be contracted to complete the job.

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