Dhaka: The Cabinet on Monday approved a proposal for formation of the Bangladesh Communication Satellite Company (BCSC) Limited to smoothly operate the country’s first-ever Bangabandhu Satellite-1.

The approval came from the regular weekly meeting of the Cabinet held at the Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.

Briefing reporters after the meeting, Cabinet Secretary Mohammad Shafiul Alam said Bangladesh is going to join the Satellite Club very soon as the process for launching the country’s first-ever satellite named Bangabandhu Satellite-1 is nearing completion.

‘The satellite will be launched into the orbit very soon, and to operate it a decision has been made to constitute a company,’ he said.

Alam further said the Ministry of Post and Telecommunications placed the proposal for formation of the company following the suggestions of those who will locally operate the Bangabandhu Satellite-1.

‘The company will be formed with the authorised capital of Tk 5,000 crore and it will have Tk 500 crore shares,’ Alam said, adding the price of each share will be Tk 10.

The Cabinet Secretary said in the Memorandum of Article, a proposal has been made to form an 11-member committee for the company and all of its members will be government employees.

He said the Post and Telecommunications secretary and managing director of the BCSC Ltd will act as the chairman and member secretary of the company respectively.

The other directors of the company are the additional secretary of the Ministry of Post and Telecommunications, representatives of the Ministries of Finance, Information and Defence and a representative of the Armed Forces Division,

the chairman of SPARSO, the DG of Bangladesh Telecommunications Company Ltd and two other persons to be nominated by the government, Alam said.