GrameenPhone IPO finally going ahead

3 Jul 2009

AFP reports that Bangladesh’s largest cellco by subscribers Grameenphone has received permission from the country’s Securities and Exchange Commission to list on the domestic stock exchange, following months of delays. The announcement comes almost one year after the Telenor subsidiary first revealed plans for an initial public offering (IPO). The operator said 10% of its share capital would be raised in IPO and pre-IPO sales, up from the 8.95% previously planned, adding that it would be a ‘fast process’, although it did not specify a timescale. The IPO was first announced in late July 2008, but in October the company said it had been delayed because of the global economic downturn. GrameenPhone’s Norwegian parent currently owns 62% of the company, with the other 38% held by Grameen Telecom, itself wholly owned by Grameen Bank of Bangladesh.

Bangladesh, GrameenPhone,

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