The cabinet today approved a proposal to form Communication Satellite Company in Bangladesh, as the country prepares to launch its first commercial satellite into space.

The company will be formed with capital investment of Tk 5,000 crore, Cabinet Secretary M Shafiul Alam told reporters after today’s regular cabinet meeting.

Its share capital will be Tk 500 crore and share price Tk 10.

READ MORE: Govt forming a company for Bangabandhu satellite

An 11-member committee will be formed for the company and secretary of posts and telecom division will be chairman of its board of directors.  

Bangladesh’s first ever commercial satellite Bangabandhu-1 is almost ready. The government has projected its launch into space by December this year or January next.

Cabinet Secretary Alam while briefing reporters said that the cabinet also approved a draft of the Seeds Act 2017.

According to the draft law, a 25-member committee will be formed with secretary of the Ministry of Agriculture as its Chairman, he said.

Prime Minister Sheikh Hasina chaired the weekly cabinet meeting.