ADN Telecom Acquires 10% Share of Shohoj Limited
ADN Telecom Limited has announced its acquisition of a 10 percent stake in the online ticketing platform, Shohoz Limited.
Yesterday, the board of directors at ADN Telecom Limited approved an investment of Tk 12 crore to acquire a 10 percent share in Shohoz Limited, as confirmed by an executive from ADN Telecom Limited.
ADN Telecom, a renowned player in the telecommunications industry, recognizes Shohoz as a prominent digital service provider in Bangladesh, according to an official statement from ADN.
Azim Hossain, the head of brand and communication at ADN, expressed the mutual agreement, stating, “Shohoz is an influential online ticketing platform, and we believe it aligns with the vision of a Smart Bangladesh.”
Through this partnership, ADN Telecom and Shohoz will collaborate to develop and implement innovative solutions.
During the first quarter of 2019, Shohoz Limited received a valuation of approximately $45 million when Vostok New Ventures invested $7 million for a 15.6 percent stake, according to Vostok New Ventures’ financial report.
Shohoz Limited initially established itself as an online ticketing platform in Bangladesh under the brand name “Shohoz.” It currently holds the top position in the market for ticketing software used by long-distance bus operators nationwide, as well as the utilization of its web-based ticketing systems.
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Additionally, “Shohoz” exclusively manages the online integrated ticketing platform for Bangladesh Railway.
Previously, “Shohoz” had discontinued its ridesharing, online food delivery, and truck hiring services.
ADN Telecom Limited, a leading telecommunications service provider in Bangladesh, offers various connectivity solutions, including internet services, data center services, and network infrastructure.
At the time of writing, Shohoz had not responded to requests for comment.
