Credit crisis delays IPO for Bangladesh's Grameenphone
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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said Thursday.
Grameenphone CEO Anders Jensen said in a statement the company's pre-IPO process had been delayed due to hesitancy hes·i·tan·cy
An involuntary delay or inability in starting the urinary stream. 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 (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ."
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 Grameen Telecom (GTC) is a not-for-profit company in Bangladesh established by Dr. Muhammad Yunus with a partial stake in Grameen Phone (GP). GTC has driven the pioneering GP program of Village Phone that enables rural poor to own a cell-phone and turn it into a profit making , 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 Grameen Bank: see Yunus, Muhammad.
Bank in Bangladesh, the first bank to specialize in small loans for poor individuals. Originated by economist Muhammad Yunus, the Grameen banking model is based on groups of five prospective borrowers , was set up by 2006 Nobel peace prize The Nobel Peace Prize (Swedish and Norwegian: Nobels fredspris) is the name of one of five Nobel Prizes bequeathed by the Swedish industrialist and inventor Alfred Nobel. winner Muhammad Yunus.
The telecommunications sector has emerged as a key driver of the economy of Bangladesh The economy of Bangladesh is the 31th largest economy in the world as measured by purchasing power parity (PPP). It has made significant strides in its economic sector since its independence in 1971. , 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.