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Thursday, 31 July 2008

GP submits prospectus to SECInitial public offering

Staff Correspondent

Grameenphone, the country's largest mobile phone operator, submitted its prospectus for an initial public offering to the Securities and Exchange Commission Tuesday.

GP's chief financial officer Arif Al Islam handed the prospectus to SEC chairman Faruq Ahmad Siddiqi.

Officials of Citigroup Global Markets Bangladesh Limited, the issue manager of the IPO, were also present.

In a news briefing, Arif Al Islam said he had submitted a draft prospectus of the IPO worth around Tk 2,000 crore.

"We hope GP would become a listed company by the year-end."

The CFO of the mobile phone operator declined to give details on the IPO, but said: "We are trying to bring it to the easy affordability of people."

Last week, the company finalised its plan to raise $300 million (about Tk 2,058 crore) with $150 million from the capital market through an IPO and the rest from a private placement.

A senior GP official told bdnews24.com that the company which has recently been valued at $3.2 billion will offer each share at Tk 18, including a premium of Tk 17.

"The raised money will be used for GP's network development programmes," the official said, asking not to be named.

GP launched its operations in 1997. Norwegian telecoms company Telenor owns a 62 percent stake in GP, with Grameen Telecom owning the rest.

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