Government lines up 25% Teletalk IPO

6 Apr 2010

The government of Bangladesh is planning the public flotation of 25% of the equity in struggling cellco Teletalk, reports TelecomAsia. The smallest of Bangladesh’s six mobile firms, operating close to capacity with one million customers – has finalised plans for a local stock market listing later this year, telecommunications secretary Sunil Kanti Bose told the Financial Express. The initial public offering (IPO) could take place within three months, a Teletalk official said, adding, ‘We have made all necessary preparations and are waiting the government’s final nod.’ IPO proceeds will be used to upgrade the network to 3G, according to the official. Teletalk is hoping for 1.5 million 3G subscribers and four million 2.5G subscribers in two to three years, and needs at least USD260 million to launch 3G services, said the same source. A large part of the funding is to come via loans from China’s Exim Bank.

Bangladesh, Teletalk,

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