InfoAnda - Credit crisis delays IPO for Bangladesh's Grameenphone

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Credit crisis delays IPO for Bangladesh's Grameenphone AFP - 1 hour 18 minutes ago DHAKA (AFP) - - Grameenphone, Bangladesh's biggest mobile phone operator, has delayed its plans for what would be the country's largest initial public offering because of the global financial crisis, its CEO said Thursday. Grameenphone CEO Anders Jensen said in a statement the company's pre-IPO process had been delayed due to hesitancy among international investors. He expected the shares to be floated in the first quarter of next year, before March 2009. "The shareholders remain committed to listing Grameenphone shares in the local capital market," Anders said in the statement announcing the company's third quarter results. "We are now preparing to submit a fresh application, carefully following the global financial development with a focus on avoiding volatility in the local capital market given the size of the Grameenphone IPO." The company's revenue for the first nine months of the year was 655 million dollars, up 11 percent on the same period in 2007. Third quarter revenue to September grew seven percent on the same period last year to 218 million dollars. Grameenphone, 62 percent owned by Norwegian telecom Telenor and 38 percent owned by local Grameen Telecom, is hoping to raise 300 million dollars, in what is set to be the country's largest initial public offering. The company, valued at 3.75 billion dollars earlier this year by its issue manager Citigroup, has more than 20 million of Bangladesh's 44 million cellular subscribers. Grameen Telecom, owned by micro-finance giant Grameen Bank, was set up by 2006 Nobel peace prize winner Muhammad Yunus. The telecommunications sector has emerged as a key driver of the economy of Bangladesh, which is one of the world's poorest countries, with nearly 40 percent of its 144 million population surviving on less than a dollar day. The booming mobile phone industry has created nearly 240,000 jobs, a study last year said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Mitsubishi Electric lowers profit forecastAFP - 1 hour 11 minutes ago South Korean stocks rise 11.95 percent, won surgesAP - 1 hour 18 minutes ago Credit crisis delays IPO for Bangladesh's GrameenphoneAFP - 1 hour 21 minutes ago Asian stocks soar on US Fed rate cutAFP - 1 hour 22 minutes ago Hitachi swings to H1 profit but cuts outlookReuters - 1 hour 26 minutes ago Enlarge Photo Credit crisis delays IPO for Bangladesh's Grameenphone Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Global financial woes hit China's 800 million farmers: state media Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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