Bangladesh’s second largest mobile operator by subscribers Banglalink is set to raise BDT4.25 billion (USD60.5 million) through issuing bonds, reports local paper The Financial Express (FE). The cellco, controlled by Egypt’s Orascom Telecom, has received the green light from the Securities and Exchange Commission (SEC) to raise the funds through private placement, an SEC official told the FE. The new funds from institutional investors will be used to continue expanding and upgrading Banglalink’s network and services, according to a company representative. The local branch of Citibank is acting as placement agent and lead arranger. Cellular market leader GrameenPhone carried out a private placement of a similar value last year.
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