AKTEL hoping to list this year

6 Aug 2008

Bangladesh’s third largest cellco by subscribers AKTEL has said it intends to honour an earlier commitment made to the country’s Securities and Exchange Commission to float a minority stake via a domestic IPO. Junita Dato Seri Mohd Hussaini, chief financial officer of AKTEL, told The Daily Star: ‘We had a roadmap to go public by the end of the year. We are working on it…Basically we are exploring different options. Of course, we made the commitment and we will do so when we are ready. We have started the groundwork on the IPO and we are hopping to do it on time.’ The process may be delayed by the USD350 million purchase of A K Khan & Co’s entire 30% stake in AKTEL by Japan’s NTT DoCoMo which was agreed in June and is expected to complete by December. According to TeleGeography’s GlobalComms database, AKTEL, majority owned by Telekom Malaysia, had 7.85 million GSM mobile customers at the end of June 2008 and posted revenues of BDT14.4 billion (USD204 million) in financial year 2007.

If AKTEL’s plan goes ahead, it will be the second Bangladeshi cellco to be listed in the second half of this year, following market leader Grameenphone’s recent submission of an IPO prospectus to raise USD300million by the end of September.

Bangladesh, Robi Axiata,

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