Grameenphone Files Fresh Initial Public Offering Application

Grameenphone Files Fresh Initial Public Offering Application

Grameenphone Ltd. has resubmitted its preliminary application for an Initial Public Offering (IPO) of its shares with expected gross proceeds of up to US$75 million with the Securities and Exchange Commission of Bangladesh on November 11, 2008.
Grameenphone’s Board of Directors approved the proposal for an IPO of its shares on November 10, 2008, subject to necessary approvals and market conditions. Grameenphone also intends to conduct a pre-public offer (PPO) of its shares with expected gross proceeds of up to US$50 million prior to the IPO. However the final size will depend on the demand coming from the investors and also the result of ongoing dialog with Government on the eligibility of the tax incentive.
Earlier on September 24, 2008, Grameenphone had formally extended the transaction timetable in light of the challenging global financial market conditions and PPO investors time requirement for their internal decision making.
“The shareholders of Grameenphone remain committed to the IPO, to develop the Bangladesh capital market and to share Grameenphone’s success with its future shareholders,” said the Grameenphone CEO Oddvar Hesjedal.
This press release is not for distribution in the United States. This press release and the information contained herein is not an offer to sell securities in the United States. Securities may not be offered or sold in the United States unless registered pursuant to the U.S. Securities Act of 1933, as amended, or exempt from such registration requirement. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about our company and management, as well as financial statements. No money, securities or other consideration is being solicited by this press release or the information contained herein and, if sent in response to this press release or the information contained herein, will not be accepted.
Corporate Communications DepartmentGrameenphone Ltd.Phone: 9882990email: info@grameenphone.com