Airtel’s Warid May Become a Public Limited Company

According to reports, Bangladesh based telecom operators Warid Telecom, which Bharti Airtel acquired for 70% stake for an investment of US$300.1 million in January this year, may be among 24 companies in the country that are asked to become a public limited company.

As per the rules of Bangladesh’s stock market regulator, the Securities and Exchange Commission (SEC), a private limited company shall convert itself into a public limited company within six months from the date its accessible paid-up capital and the further capital it intends to raise exceeds, in total US$ 5.7 Million.

According to Joint Stock Companies and Firms’ (RJSC) Registrar Ahmedur Rahim, the SEC will issue show-cause notices to such companies.

As maintained by Airtel’s quarterly report, last month, Warid has over 2.5 million customers, and was offering mobile services in 64 districts of Bangladesh with a sharing network over 46,000 retailers.