GrameenPhone to list in June

17 Jan 2008

GrameenPhone, the leading mobile phone operator in Bangladesh, plans to list its shares in an IPO on the Dhaka Stock Exchange by June, slightly ahead of the third quarter timeframe envisaged in its IPO roadmap, submitted to the Bangladesh Telecommunication Regulatory Commission (BTRC) in December. The GSM operator’s shareholders made a commitment to the new plan yesterday at a special meeting hosted by the BTRC, according to a statement from the regulator. Both Telenor and local shareholding partner Grameen Telecom have agreed to take all necessary steps in completing the formalities and going to the market by June of 2008, the statement read, adding that Citibank will arrange discussions between various parties such as the National Board of Revenue, Bangladesh Bank, Securities and Exchange Commission to prepare a roadmap by February. Per Eric Hyallan, senior vice-president of Telenor, which owns 62% of GrameenPhone, said that the process has started and Citibank had been assigned with the responsibility of completing all formalities as soon as possible. GrameenPhone CEO Anders Jensen last November claimed that the firm is worth more than USD3.5 billion and it may initially list less than 10% of its shares on the local bourse. According to the latest update by the BTRC, GrameenPhone had 16.01 million subscribers by the end of November 2007, ahead of AKTEL with 6.53 million.

Bangladesh, GrameenPhone,

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