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Pinnacle Towers Completes Acquisition of AB HighTech in Bangladesh

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Transaction marks Pinnacle’s entrance into the high-growth market of Bangladesh
Investment will support the development of essential local telecom infrastructure

Pinnacle Towers (“Pinnacle”), an Asia-focused digital infrastructure platform that invests in, builds, and operates telecom infrastructure with a focus on towers and related assets, and AB HighTech (“ABHT” or the “Company”), a leading telecom tower platform in Bangladesh, today announced the completion of Pinnacle’s acquisition of a majority stake in the Company. With this acquisition, Pinnacle enters the rapidly growing Bangladesh market, Pinnacle’s second market after the Philippines.

ABHT is one of four licensed tower companies in Bangladesh.  ABHT’s management brings more than 20 years of experience managing and operating wireless networks and tower infrastructure in Bangladesh, including a strong track record managing large-scale rollouts of towers in Bangladesh.

Pinnacle, which KKR invested in 2020, partners with mobile phone operators to ensure the availability of high quality, capital-efficient infrastructure solutions. Pinnacle is excited to partner with local shareholders, including Chowdhury Nafeez Sarafat, Chairman of Canadian University of Bangladesh; Mohammed Adnan Imam, Chairman and Co-founder of Genex Infosys (Bangladesh stock exchange: GENEXIL); Sheba Group, which founded Sheba Telecom, the predecessor of Banglalink, led by its Managing Director Asif Choudhury and Shahnul Hasan Khan, Vice Chairman of Strategic Holdings who collectively bring enormous entrepreneurial experience in Bangladesh to bear. Going forward, ABHT will operate under the name “Frontier Towers Bangladesh Ltd.” with the renaming to become effective in the coming weeks.

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Pinnacle’s investment in ABHT comes as Bangladesh’s mobile phone network operators and consumers seek greater, more diverse and more reliable telecom solutions. Bangladesh’s mobile internet usage is expected to increase rapidly over the next two decades, supported by the government’s Smart Bangladesh plan, which aims to elevate Bangladesh’s digital capabilities and growing success as an IT hub. Telecom towers and infrastructure are critical components in enabling this growth. Through Pinnacle’s investment in ABHT, Pinnacle aims to play an increasingly vital role in developing Bangladesh’s digital infrastructure and contributing to increasing digital access for the people of Bangladesh.

Patrick Tangney, Chairman and CEO of Pinnacle, said, “We are incredibly excited to invest in Bangladesh and support the continued expansion of digital connectivity, which is so central to inclusive economic development, in such a vibrant market.”

Chowdhury Nafeez Sarafat, Vice Chairman of ABHT, added, “The entry of Pinnacle into the Bangladesh market is great news and an opportunity for the country’s telecom sector. We look forward to continuing to help develop the telecom infrastructure of the country.”

Adnan Imam, FCCA, Director of ABHT, said, “This is a great opportunity for ABHT and I am thrilled to be able to work with an established platform with global expertise. We look forward to working closely with the highly experienced team and to make a difference to the people of Bangladesh.”

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PriyoShop Secures Top 30 Spot in Prestigious StartUp Wheel Competition

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PriyoShop has taken the Bangladesh flag to new heights by securing a Top 30 spot in Startup Wheel 2025, one of Asia’s most competitive startup competitions in Vietnam, competing against 2,144 startups from 28 countries. With this milestone, Bangladesh has established itself as a significant player in the global startup ecosystem through PriyoShop.

This achievement shows that Bangladesh is growing fast in the digital world and becoming a strong player in retail innovation. PriyoShop stood alongside top startups from countries like Taiwan, South Korea, Malaysia, Singapore, Cambodia, and Indonesia. After six months of tough evaluation, PriyoShop was chosen as one of the most promising international innovators sharing our mission, vision, and real stories about Bangladesh’s retail industry with the world.

Asikul Alam Khan, CEO of PriyoShop, expressed his enthusiasm about the recognition: “This is a significant success for the PriyoShop Team. We have impacted millions of retailers by simplifying the supply chain and empowering them with embedded credit. Through us, Bangladesh will always stand high on the global stage. This recognition provides access to create a global footprint and inspires young entrepreneurs to bring innovative ideas and create international standard startups.”

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As PriyoShop advances, the company remains committed to transforming Bangladesh’s retail landscape while inspiring the aspiring entrepreneurs across the region. The journey from local startup to consistent international recognition exemplifies the potential within Bangladesh’s growing retail sector and demonstrates how innovative solutions can have an impact both locally and globally.

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Bajloor Rashid Elected Chairman, Mezanur Rahman Elected Vice Chairman of Progressive Life Insurance

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In a recently held board meeting of Progressive Life Insurance Company Limited, a renowned listed insurance company in the country’s capital market, Bajloor Rashid MBE, was elected as Chairman and Mezanur Rahman as Vice Chairman.
The formal election took place at the 203rd board meeting of the company held on Sunday, 29 June 2025, for the term 2025-2026.

Bajloor Rashid MBE, is a distinguished and successful businessman and social worker. He is also one of the founding shareholders of Progressive Life Insurance Company Limited. In the early 1980s, he established himself as an ambitious young entrepreneur in the growing catering industry. Notably, from 2006 to 2012, he served successfully as the President of the UK-based association of catering restaurant owners.

On the other hand, the newly elected Vice Chairman, Mezanur Rahman, is an established and successful businessman. He is a founding director and former Vice Chairman of Progressive Life Insurance Company Limited. He holds a degree in Architecture from Leeds Metropolitan University, United Kingdom. He is also actively involved with various humanitarian and social organizations.

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Progressive Life Insurance successfully settles claims totaling nearly Tk 40 crore in 2024

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Progressive Life Insurance Company Limited (PLICL) settled down insurance claims of approximately 40 (forty) crore taka in 2024 which has fortified clients’ confidence on the company. Progressive Life Insurance Company Limited entered 25th year on 6 January 2025. PLICL was founded on 6 January in the year 2000. Discussion programs, slicing a cake, offering dua and a colourful rally were organized to mark the company’s founding anniversary on Monday at PLICL corporate office in the capital. 

The rally moved around different parts of Dhaka city and the officials of the company held a gathering in front of PLICL head office on Monday morning at 10:30 am. 

PLICL Chairman (Acting) M Shoeb Chowdhury joined the 25th founding anniversary celebration virtually as the chief guest. M Shoeb Chowdhury said that the top management of Progressive Life Insurance Company Limited has been able to uphold the dream cherished by expatriate Bangladeshis whose contribution led to the establishment of the company. Shoeb Chowdhury laid emphasis on working with unity and solidarity for the company’s further advancement and to generate many more success stories.

PLICL Executive Committee Chairman Mezanur Rahman , Chairman of Audit Committee Dr. Md. Jamil Sharif, PhD, FCMA and former entrepreneur Prodeep Sen also attended the program. The event was presided over by the company’s Chief Executive Officer (CEO) Md. Saidul Amin. The 25th founding anniversary of Progressive Life Insurance Company Limited was celebrated in 32 districts and divisional offices across Bangladesh. Senior officials of the insurance company expressed hope and determination to transform PLICL into a top notch institution in days to come. The speakers at the program stated that Progressive Life Insurance Company Limited appointed 1200 development officers in 2024 and training courses have been initiated to upgrade their skills.

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PLICL Deputy Managing Director (DMD) Mohammad Hossain Shaheed Suhrawardy, Senior DMD Shahjahan Azadi, Company Secretary Abdullah Al Mansur and Senior DMD Jaseem Uddin Prodhan addressed the program among other dignitaries.

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