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GP defers listing to March

Md Hasan
The planned listing of mobile phone operator Grameenphone (GP) on the country's capital market this year has been deferred by another five months to March 2009 due to the global financial crisis.
However the company will initiate process for pre-IPO placement and further procedure for offloading shares through IPO (initial public offering) by December 2008.
"With all the requirements by the SEC taken into consideration, we are still comfortable to be able to initiate the IPO process during 4th quarter of 2008. But the entire process will not be able to complete until first quarter of 2009, ' said Anders Jensen, chief executive officer of the company at a press briefingyesterday.
Jensen also said: "That is the management decision right now." The upcoming IPO procedure is subject to shareholders' decision, he added.
Market insiders said Jensen's disclosure on IPO issue will primarily minimise speculations bubbled almost everyday in the capital market over the $3.2-billion com-
pany's planned listing.
Jensen indicated that Grameenphone's private IPO placement will go to the local investors, which was previously considered to go to foreign firms also.
He said: "We have been delayed due to consequences of global credit crisis, as international investors have been in lot more hesitance than they were earlier. But the local demand has actually increased, because international markets are more volatile.”
In July this year Grameenphone, the country's largest cellphone operator, finalised its plan to raise $300 million (Tk2,058crore) -- $ 150 million from the stock market and the rest through private placement or pre-IPO.
The company, later in October, said it may cut its planned IPO to $125 million --half from stock market and rest through private placement.
However a high official of the company yesterday said the size is yet to be finalised. "It will depend on market condition after a new government takes over," the official said.
In January 2008, Grameenphone submitted its share offloading roadmap to Securities and Exchange Commission (SEC) aiming to offload shares in the 3rd quarter of 2008.
Then the IPO issue fell into uncertainty several times due to the company's internal clash on who should be the majority shareholder of the operator.
Grameenphone, which launched operations in 1997, is 62 percent owned by Norway's
Telenor, with the balance 38 percent being held by Grameen Telecom, a concern of local Grameen Group. The operator had been under pressure from Bangladesh Telecommunication Regulatory Commission and SEC to list on the capital market.
After a battle over the shareholder issue, both the partners erf the company in a joint state-
ment in September reiterated to execute their IPO plan by2008.
Yesterday's press meet also disclosed Grameenphone's performance until the third quarter (July to September).
According to the performance report to September, the company's operating profit regain significantly after a major drop in the second quarter. On year-on-year basis to
September 2008, Grameenphone's operating profit increased by 35 percent to NOK 257 million, which was NOK 189 million by the end of September 2007.
During the April-June period of 2008, a 36 percent downfall in monthly average revenue per user (ARPU) helped the company's operating profit reach 329 million Norwegian Krone (NOK) from NOK758 million a year earlier.
The company's revenue earnings growth also got a little momentum in the 3rd quarter compared to that of the first halfof2008.
Grameenphone revenue stood at NOK 1,175 million by 5 the end of September 2008, “ which was NOK 1,170 million during the same time a year ago. {1.00 NOK=TK10.26J
"The revenue increase was partially offset by falling monthly average per users by 25 percent,"said Jensen.
In the three months to June 30, Grameenphone's EBITDA (earnings before interest, taxes, depreciation and amortisation) margins reached to NOK 572 million from NOK 418 million a year earlier.
hasan@thedailystar.net
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