Publicly listed IT and telecommunication services provider, ADN Telecom, announced in a price-sensitive information notice issued on 7th June 2023 that it is going to acquire a 10% share of the online ticketing platform Shohoj Ltd (operating under the brand name Shohoz) for BDT 120 million.
According to the company’s price-sensitive information notice issued on Wednesday, “The board of directors of ADN Telecom, in its meeting held on 7th June 2023, approved the proposal for an investment of BDT 120 million to acquire 10% shares of Shohoj Limited.”
The investment is subject to the completion of all regulatory formalities, as stated by the company.
If the deal materializes, it will be the first local investment in Shohoz. Previously, Shohoz raised its last announced funding in 2019 from Vostok New Ventures and several other investors, reportedly valuing the company at around $45 million.
ADN Telecom, known for its expertise in the telecommunication ecosystem and services, went public in 2019, with each share of ADN Telecom closing at BDT 140.10 on Wednesday.
Shohoz was founded in 2014 as an online ticketing platform, initially focused on bus and transport ticketing. The company eventually expanded to include tickets for buses, events, movies, and launches. In 2018, it entered the ride-hailing space and later ventured into food delivery and several other on-demand services. However, the company subsequently closed down most of its other services and refocused on its ticketing services. Currently, it manages the online ticketing platform for Bangladesh Railway.