BTTB’s assets transferred to new company

The assets and liabilities of state-owned incumbent telco Bangladesh Telegraph and Telephone Board (BTTB) were officially transferred to the newly-formed public limited company Bangladesh Telecom Company Limited (BTCL) yesterday, reports bdnews24.com. BTCL and another new public limited firm, Bangladesh Submarine Cable Company, have been spun off from BTTB, which has now been officially dissolved. BTCL announced that it would offload shares to investors on the stock market in phases. The combined assets of BTTB have been estimated at around USD2.22 billion, but DataCon, a German firm entrusted with the job of valuing the assets, failed to submit its report by the 30 April deadline and missed an extended deadline on 30 June. Another company will now be contracted to carry out the valuation.