Robi Axiata Ltd is going to launch a new 100 per cent owned subsidiary named “r ventures PLC” to operate in the area of digital services.
The newly formed company will operate in the area of digital services, including OTT services, ticketing services and mobile value-added services, while also investing in startups and digital ventures, said the company in a regulatory filing on Sunday.
The registered office of the company shall be situated in Bangladesh.
Recently, Reddot Digital Ltd, a 100 per cent subsidiary of Robi Axiata, also announced to launch a new subsidiary “AxEnTec PLC” to sell and distribute IT solutions and digital services of Robi.
AxEnTec will serve the market through sales, distribution and marketing services for connectivity, ICT solutions, software, applications and hardware, including data centre, cloud and cloud infrastructure, the Internet of Things (IoT), and cyber security.
Robi has been making efforts to improve its services and expand its customer base.
Robi Axiata registered Tk 244 million net profits in the second quarter for April-June this year, backed by higher revenue and significant reduction of foreign exchange loss.
The telecom operator’s half yearly profit also jumped 140 per cent year-on-year to Tk 664 million in January-June this year while revenue rose 18 per cent to Tk 48.88 billion.
Robi is the second-largest telecom operator in terms of subscribers and revenue and holds 30.2 per cent of the market share.
Having attained 4G leadership, Robi was the first company to launch 4.5G services in all 64 districts in 2018 and successfully conducted the first-ever trial of 5G technology in the same year.
The mobile phone operator started its journey in 1997 under the brand name of Aktel. It then changed its name to Robi Axiata in 2010.
Presently, Axiata Group of Malaysia holds the controlling stake in Robi at 61.82 per cent. Bharti Airtel of India holds 28.18 per cent, and the general public the remaining 10 per cent.
Robi joined the stock market through the largest-ever initial public offering (IPO) in the capital market’s history in December 2020.
It raised roughly Tk 5.24 billion from a wide range of investors, including its own employees under the fixed-price method.
Robi posted a 5.52 per cent year-on-year profit growth to Tk 420 million for January-March, backed by higher revenue. Its revenue grew over 16 per cent to Tk 23.48 billion during the quarter on the back of data revenue.
The company’s share price has been languishing at the floor price of Tk 30 on the Dhaka Stock Exchange since early August last year.
Recently, Robi has decided to receive a $55 million loan from its owner Axiata Group Berhad for the three years tenure.
