GCM Resources invests a further GBP2m in Peoples Telecom

18 Feb 2008

UK-owned development company GCM Resources has agreed to invest a further GBP2 million (USD3.92 million) in Bangladeshi fixed line operator Peoples Telecommunication and Information Services (PeoplesTel), reports local newspaper The New Nation. The move would increase GCM’s stake in the company by a further 10.5% to 37%. London-based GCM has a wholly owned subsidiary in Bangladesh, named Bangladesh Telecommunications Ltd, which bought a 26.5% stake in PeoplesTel for around USD5 million in February 2007.

According to TeleGeography’s GlobalComms database, PeoplesTel is one of two successor companies to rural wireless in the local loop (WiLL) operator Bangladesh Rural Telecom Authority (BRTA), boasting over 30,000 customers, and is responsible for 99 of the 199 thanas (rural regions) in the north of Bangladesh. It reported a loss of over GBP1 million in the year ended September 2007, and remaining net assets of around GBP7 million. The increase of funds would allow the company to expand into other regions including the capital Dhaka.

Bangladesh, Peoples Telecom (PeoplesTel),

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