Grameenphone Board Approves Initial Public Offer

Grameenphone Board Approves Initial Public Offer
The Grameenphone Board of Directors, at a meeting held on July 21, 2008, has approved a proposal for floating an initial public offering (IPO) of its shares, subject to necessary approvals and market conditions.
A formal application for the IPO with expected gross proceeds of up to US$150 million and subsequent listing on the Dhaka Stock Exchange and the Chittagong Stock Exchange is expected to be filed with the Securities and Exchange Commission of Bangladesh and other concerned authorities by the end of July 2008. Grameenphone also intends to conduct a pre-public offer of its shares with expected gross proceeds of up to US$150 million prior to the IPO.
“We are hopeful that Grameenphone’s inclusion in the country’s bourses will further highlight the potential of capital markets as an important engine of economic growth,” said Mr. Anders Jensen, CEO of Grameenphone. “It will also enable the people of Bangladesh to share the success of the company.”

Citigroup Global Markets Bangladesh Private Limited has been appointed as the Global Coordinator, Issue Manager [and Lead Underwriter] for the IPO.

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