Grameenphone extends time for local investor participation in PPO
Sep 24, 2008
Grameenphone Ltd. has extended the time for local institutional investors to participate in its Private Placement Offering (PPO), which takes place before Grameenphone's planned initial public offering (“IPO”).
“Local institutional investors need to be given adequate time to do due diligence and allocate funds for the bidding,” noted Grameenphone CEO Anders Jensen. “We are working with the Securities and Exchange Commission (SEC) to expedite the matter.”
Grameenphone's primary focus is to develop the local capital market. Under the current challenging global capital market conditions in which international investors are hesitant to commit to new investments, it is important to ensure that potential investors in Grameenphone are given adequate time to make their investment decision.
“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.
Earlier on July 21, 2008, the Grameenphone Board of Directors approved the listing of Grameenphone's shares through an IPO. On July 29, 2008, Grameenphone filed a formal IPO application with the SEC.
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