Internet users in Bangladesh are experiencing slow speeds as the power supply to a submarine cable has been disrupted at Kuakata in Patuakhali district.

Bangladesh Submarine Cable Company Ltd, is working for recovery, said Moshiur Rahman, managing director of BSCCL on Sunday.

“There is a problem in the power supply of the second submarine cable (SEA-ME-WE-5) in Patuakhali. Work is going on since afternoon to fix it. Hopefully that will be resolved by today. About half of the bandwidth usage in the country is supplied from the second submarine cable. The internet is slowing down across the country following closure of the line,” he said.

According to BSCCL, Bangladesh was connected with the first submarine SEA-ME-WE-4 in 2005. Bangladesh was connected to SEA-ME-WE 5 in 2017 through the 2nd submarine cable landing station in Kalapara of Patuakhali.

Bangladesh receives 1,500 gigabits per second or Gbps of bandwidth from the Southeast Asia-Middle East-Western Europe International Consortium Submarine Cable (SEA-ME-WE-5) through the landing station.

Also read: Internet use rose 50pc during Covid-19 pandemic: Palak

Public subscription of Walton Hi-Tech Industries Limited (WHIL) is scheduled to begin Sunday with the company aiming to raise Tk 1 billion from capital market under the book building method. 

The IPO subscription will continue until August 16.

A beneficiary account (BO) holder can apply only for a single lot and each lot is consisting of 20 shares. 

Price of Walton’s each share for both resident and non-resident Bangladeshis has been set at Tk 252 and thus a BO account holder can apply for a single lot at Tk 5,040. 

According to capital market sources, the opening of Walton IPO made the capital market’s general investors enthusiastic. Walton’s last year Earnings per Share (EPS) as well as Net Assets Value (NAV) per share allured the IPO (Initial Public Offering) investors. 

Considering Walton’s EPS, NAV and overall business performance, the general investors hoped that they will earn desired capital gains through investing in Walton shares. And so, they have been awaiting  the public subscription of Walton.

As per the company’s financial statement as of June 30 of 2019, WHIL’s NAV with revaluation reserve per share was recorded at Tk 243.16 while its EPS was Tk 45.87. 

It was known that Walton Hi-Tech is going to be listed in capital market with ever highest EPS recorded during the IPO. 

Analyzing the last year’s financial statements of the listed companies in the capital market, it was found that Walton is in the eighth position in terms of EPS Tk 45.87 while securing the fifth position in terms of NAV per share.

Walton’s EPS’s was even higher than the EPS of the listed multinational companies. 

Kazi Ahsan Habib, chief of business operation of Prime Bank Securities, said that Walton EPS, NAV and overall business performance posted in its prospectus were very satisfactory and also fulfill the criteria of a good issue.

Dr Md Mizanur Rahman, chairman of Marketing Department of Dhaka University, said that Walton’s listing would have a positive impact on the capital market. This initiative will not only bring back the general investors’ confidence in the market but also assist to accelerate the progress of the national economy, he added.  

Md Ataur Rahman, a general investor from Joytun Securities International, said no IPO has been issued in the capital market for the last seven months. 

Most of the listed companies through IPO in last year could not meet investos’ desired expectations, he said, adding that, “we (general investor) lost our confidence in capital market investment.”

In this situation, the listing of Walton Hi-Tech like strong asset based company raises hopes for the general investors.  

Now, most of the investors are awaiting for investing in Walton share through IPO, saying it he expressed the hope of earning good capital gains from that investment. 

Bangladesh Securities and Exchange Commission (BSEC) on June 23 approved the IPO proposal of the Walton Hi-Tech to raise a fund worth Tk 1 billion by issuing nearly 2.93 million ordinary shares.

As per the stock market regulator approval, the eligible investors will get 1.38 million shares of the company at the cut-off price of Tk 315 each, fixed earlier through electronic bidding.

And, the general investors will get the remaining 1.55 million shares through IPO at Tk 252 each, a 20 per cent discount on cut-off price, as the company gave 10 per cent additional discount considering the interest of the capital market and small investors.

The IPO proceeds will be utilised for expansion of its businesses, repay bank loans and meeting the IPO related expenses. AAA Finance is in charge as issue manager of the company. 

South Korean tech giant Samsung on Thursday launched five new devices through an online event -- the first such launching event of the tech firm amid the lingering crisis over the coronavirus pandemic.

The new devices are -- Galaxy Watch 3 smartwatch, the Galaxy Buds Live wireless earbuds, the Galaxy Tab S7 tablet, the Galaxy Note 20 phablet and the Galaxy Z Fold 2 foldable smartphone.

In a statement, Samsung said: "Galaxy Watch3 and Galaxy Buds Live are convenient tools for maintaining your lifestyle and daily routines, especially in the current climate. 

"Both devices are seamlessly integrated into the wider Galaxy ecosystem to help you live healthier, communicate better and get the most out of your technology."

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Ride hailing service Uber has decided to buy its biggest UK rival Autocab to expand operations to 170 towns and cities in the UK.

Autocab, which operates a ride-booking app for independent minicab companies, has access to more than 75,000 vehicles in areas where Uber does not operate.

Uber’s current operation is limited to 40 towns and cities in the UK, reports BBC.

Autocab initially started out as a radio supply business but later developed a cloud-based booking platform called iGo that let independent taxi firms offer online bookings.

The deal is expected to give Uber the opportunity to expand to about 170 towns and cities including Oxford and Doncaster, where Uber said "tens of thousands" of people try to use its app every month.

Uber said Autocab would "remain independent" following the acquisition, and maintain its own board of directors.

However, the companies have not revealed the financial terms of the deal, or explained how Uber will make money from it.

David Hagerbro has been appointed as the head of Ericsson Malaysia, Sri Lanka and Bangladesh units, and global customer unit of Axiata.

Earlier David was the Head of Strategy, Technology, and Government and Industry Relations for Southeast Asia, Oceania, and India.

Nunzio Mirtillo, Head of Ericsson Southeast Asia, Oceania, and India, said “The markets of Malaysia, Sri Lanka, and Bangladesh are key markets for us at Ericsson. David has strong track record of leading and developing Ericsson’s business across this region. I am confident he will deliver on Ericsson’s commitments in these markets.”

David Hagerbro has over 20 years of experience in leadership and technology roles and joined Ericsson in 2008, said a press release.

Commenting on his appointment, David said, “I look forward to working closely with our customers in the markets, bringing them the latest solutions and technology to support their business success.”

Ericsson’s portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams.

Ericsson’s investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world.