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Genex Infosys to provide IPTV and online streaming platform

The company signs business deal with "RedDot Digital"

FE REPORT | September 02, 2020 12:00:00

Genex Infosys Ltd, a listed company, has approved a strategic business agreement with RedDot Digital Ltd to launch a service called "Binge".

The RedDot Digital, a subsidiary of Robi Axiata is the country's second-largest mobile operator, according to an official disclosure on Tuesday.

Binge is Bangladesh's first Google-certified online video-streaming service along with an android device that offers endless entertainment which has developed by Genex Infosys.

Under the strategic business agreement, the company will provide combining Internet Protocol Television (IPTV) and online streaming platform for customers to purchase service for their digital entertainment.

Bangladesh Telecommunication Regulatory Commission (BTRC) issued the IPTV license to operate such service to Genex Infosys, said the disclosure.

This IPTV and its related strategic services segment is expected to generate up to Tk 50 million revenues per year, according to the disclosure.

Customers will have to download the Binge mobile app from Google Play Store to enjoy the service on smartphones.

An official of the company said a viewer can watch any type of content through Binge. There is something for everyone: thriller, drama, comedy, romance, action and what not, he added.

Each share of the Genex Infosys, which was listed on the Dhaka bourse last year, closed at Tk 59.70 on Tuesday, gaining 1.35 per cent over the previous day.

The IT company disbursed 5.0 per cent cash and 15 per cent stock dividend for the year ended on June 30, 2019.

In nine months, its consolidated earnings per share (EPS) stood at Tk 3.31 for July 2019-March 2020 as against Tk 1.62 for July 2018-March 2019.

The consolidated net operating cash flow per share (NOCFPS) was Tk 3.18 for July 2019-March 2020 as against Tk. 1.31 for July 2018-March 2019.

The consolidated net asset value (NAV) per share was Tk 17.44 as on March 31, 2020 and Tk 16.70 as on June 30, 2019.

The company's paid-up capital is Tk 938.40 million and authorised capital is Tk1.0 billion while the total number of securities is 93.84 million.

The sponsor-directors own 34.99 per cent stake in the company, while the institutional investors own 29.75 per cent, foreign investors 0.01 per cent and the general public 35.25 per cent as on July 31, 2020, the DSE data shows.

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