News From Telecom World

Institutional bidders offer Tk 7-9 for each GrameenPhone share

Posted on: November 19, 2008

Institutional bidders offered Tk 7-9 against shares of Grameenphone under its private placement offering (PPO) in a projection meeting held in a city hotel Sunday (16 Nov ‘08), sources said.

The face value of the GP shares is Tk 1.0 each.

“The bidding will be concluded by November 26 and the successful bidders will have to deposit money by December 3,” a source closed to the meeting told the FE.

Representatives from leading merchant banks, insurance companies and asset management companies participated in the meeting.

“The shares under PPO will be allocated on the basis of weighted average price,” he said, adding that priority will be given to those institutional investors, who submitted their bids in September last for the PPO shares of the country’s leading mobile phone operator.

The GP plans to raise a total of $125, of which $75 million will be raised through initial public offering (IPO) and another $50 million through the PPO, newly-appointed Chief Executive Officer (CEO) Oddvar Hesjedal said in a recent press conference.

The amount of $125 is much smaller than that the mobile company initially planned due to the current financial meltdown.

Earlier in July last, it planned to raise $300 million (Tk 2,058 crore)–$150 million from the stock market and the rest through private placement.

The GP filed a primary application for the IPO on November 12 to the Securities and Exchange Commission (SEC).

Sources said the company is expected to be listed with the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) in the first quarter of 2009.

GP is the country’s largest mobile phone service operator, having a base of 20.8 million subscribers in a fiercely-competitive market.

With a penetration rate of 30 per cent, the country is being served by six mobile phone operators.

Source: Financial Express

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