Business
Strategic Investment
Strategic Investment.
About this update from Gcm Resources Plc
[{"type":"text","content":"\n Global Coal Management PLC\n22 January 2007\n\n22 January 2007\n\n\n Strategic Investment in Bangladesh's Leading PSTN Operator providing Fixed,\n Wireless Loop, Data and Internet Service\n\n\nGlobal Coal Management plc ('GCM'), formerly Asia Energy Plc, (AIM: GCM)\nannounces it has signed a Memorandum of Understanding ('MOU') to make a further\nstrategic investment in Bangladesh by subscribing for 26.5% of the equity in\nPeoples Telecom and Information Services Ltd ('PeoplesTel'). The US$5 million\ninvestment is subject to the approval of the Bangladesh Board of Investment \n('BOI').\n\n\nGCM has identified PeoplesTel as an exciting investment opportunity which also\nbrings significant benefits to the development of the Phulbari Coal Project \n('the Project') by ensuring that modern and extensive telecommunication networks\nand infrastructure are in place across all areas (mine site, transport corridor,\nport operations etc.) of the Project.\n\n\nSteve Bywater, Global Coal Management's CEO commented:\n\n\n 'I am delighted with this investment in PeoplesTel. It demonstrates our\nstrong desire to play a positive role in the development of Bangladesh's\neconomic infrastructure and is entirely consistent with our long term commitment\nto Bangladesh. It will also ensure that we have a world class telecoms\ninfrastructure for the Phulbari Coal Project. We remain focused on implementing\nthe Phulbari Coal Project.'\n\n\nPeoplesTel, an established Bangladesh fixed line telephone operator since 1989,\nis currently undertaking a rapid expansion plan. In excess of US$15 million has\nbeen invested to date by PeoplesTel's existing shareholders, including the\nfounder of the company Tim Nurun Nabi. Mr Nabi has also founded a number of\nsuccessful enterprises in Bangladesh, including Hayes (Bangladesh) Limited and\nHayes-Haier Appliances Company Limited, which is a joint venture with Haier of\nChina, the largest manufacturer of white goods in China.\n\n\n\nPeoplesTel's expansion plan for the next 5 years is to provide world class voice\nand data services across Bangladesh, targeting 1 million new subscribers and\nfocusing on the developing rural regions. PeoplesTel has BOI approval to invest\nup to US$379 million of domestic and foreign investment to provide fixed line or\nwireless telephone connections in Bangladesh. This gives PeoplesTel...