Asia Energy renamed as Global Coal signed a memorandum of understanding (MOU) with the Bangladeshi Peoples Telecom and Information Service Ltd. (Peoples Tel) recently to buy 26.5 percent equity of the telecoms firm. Peoples Tel will submit the US$5 million investment proposal to the Board of Investment (BoI) for approval within this week or the next.

Asia Energy PLC, the UKbased energy company that was locked in a controversy over the Phulbari Coal Mine Project, has changed its name and laid bare a plan to invest in Bangladesh telecommunications sector. As per the decision in the companys annual general meeting held during the second week of January, the new name is Global Coal Management PLC, according to a company statement posted in different websites.

A high official of the companys Dhaka office, however, said that the name of the companys Bangladesh subsidiary would remain unchanged as Asia Energy Corporation (Bangladesh). He said, The Asia Energy PLC changed its name as it has expanded its operation in other sectors including the coal sector in Africa and as per the demand of its shareholders.

The company was forced to suspend its activities at the Phulbari coalfield in Dinajpur in the last week of August, 2006 after local people staged demonstration against the companys planned openpit mining. Five were killed when police opened fire on the protesters. The government then signed an agreement with the demonstrators that the governments agreement with Asia Energy would be scrapped and the company would be ousted from Bangladesh.

According to BOI the Peoples Tel has to change its investment pattern at the joint stock register company before getting the proposal approved. Peoples Tel has a license to operate fixed, wireless local loop along with voice data, image and all forms of telecommunication services in Bangladesh.