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BASIS, PBIL to help ICT sector trade in capital market

Published : Thursday, 7 December, 2023 at 12:00 AM  Count : 292

BASIS, PBIL to help ICT sector trade in capital market

BASIS, PBIL to help ICT sector trade in capital market

In a pioneering collaboration, the Bangladesh Association of Software and Information Services (BASIS), the leading trade-body of the ICT industry, and Prime Bank Investment Limited (PBIL), a leading investment bank, have joined forces to catalyze access to the capital market for ICT sector of Bangladesh.

This trailblazing initiative, unveiled at the BASIS premises on Tuesday, marks a pivotal moment as both organizations commit to trend-setting initiatives aimed at facilitating 'Access to Capital Market' for BASIS members, says a press release.

The Memorandum of Understanding (MoU), exchanged in the presence of esteemed leaders including Russell T. Ahmed, President, BASIS, Hashim Ahmed, Secretary, BASIS, Syed M Omar Tayub, Managing Director and CEO, PBIL, and Khandoker Raihan Ali, FCA, Chief Operating Officer, PBIL, signifies a powerful synergy between the premier ICT body and the distinguished investment bank.

Prime Bank Investment Limited (PBIL), a fully-fledged Investment Bank and a subsidiary of Prime Bank PLC, is set to provide bespoke advisory services to BASIS member companies under this groundbreaking agreement. As a frontrunner in the investment banking landscape, PBIL will extend its expertise in Fund-Raising through Equity and Debt Capital, Corporate Advisory, and Portfolio Management services for stock market investment.

Syed M Omar Tayub, Managing Director and CEO of Prime Bank Investment Limited, said, "This is part of our broader initiative of Industry Alliance through which we aim to cater to more industry verticals.

In this innovative pursuit, PBIL is honored to start with BASIS as the IT sector possess immense possibilities in the era of digital transformation.

The sector's contribution to market capitalization is only around 1% in Bangladesh, which is 11% in neighboring India. Our combined efforts will not only enhance the market capitalization of the IT sector but also open new horizons for BASIS members, propelling them towards sustainable success."

Russell T. Ahmed, President of BASIS, expressed his enthusiasm about the MoU and stated that, "This partnership will surely encourage our members accessing to the Capital Market.

Also specialized advisory services will benefit them in streamlining their financial management." He urged PBIL to plan for a daylong joint session and campaign to facilitate BASIS members.

As Bangladesh positions itself as a hub for technological advancement, this strategic alliance between BASIS and PBIL is poised to be a catalyst for transformative changes, setting the stage for a prosperous future in the capital market and ICT industry.







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