IT Consultants Ltd to invest Tk280cr in infrastructure development

IT Consultants Limited has decided to invest Tk280 crore which will be used to purchase land and build an IT-based tower.

Of the amount, the company will provide Tk76 crore from its own source and the rest will come from banks.

The company provides major banks, financial institutions, govt organizations and retailers with an advanced infrastructure for transaction processing services while operating one of the largest bank-driven independent ATM networks in Bangladesh.

The company said in its price-sensitive statement that it will purchase land located at the Tejgaon Industrial Area at the cost of Tk35 crore.

It will use the land to build multi-storied buildings equipped with modern IT infrastructure and multiple state-of-the-art data centres.

Its shares price closed at Tk36.40 at the end of Thursday's (9 March) trading session at the Dhaka Stock Exchange (DSE).

Singapore-based holding company SiS Capital (Bangladesh) Pte is the major shareholder with 32.77% shares of IT Consultants Ltd.

The company started its journey in 2000 but SiS Capital joined hands in 2011. Besides, Hongkong-based Regent Pacific Limited holds 8.45% shares of the company.