Grameenphone, Bangladesh’s largest mobile operator, has chopped off the size of it’s share sale to $125 million, half of what it had planned earlier. The descision came with the steep downfall in the worldwide markets.
The telco owned by Telenor Norway with 62% stake, had planned to raise $300 million, with a private placement and a subsequent domestic IPO.
Presently, Grameenphone looks forward to raise only $50 million from pre-IPO placement, with a possibility of increased demand. The IPO which will be launched by year end has also been brought down to $75 million and also extends the time span of private placement due to rising challenges in the global market.
Wireless Federation » archive for 'Telenor Norway'
Grameenphone slashes fund-raising target to $125 million (Bangladesh)
- October 6th, 2008
- 6:02 am
Telenor Norway close to buying Unitech Wireless’ 26% stake (India)
- September 11th, 2008
- 10:27 am
Telenor, Norway, is close to buying 26% stake in Unitech Wireless, Indian GSM licence holder. The stake costs nearly USD 500 million.
Sanjay Chandra, has said that the company is negotiating with many other parties but denies any finalisations.
The firm has shortlisted Telenor, Telecom Italia and a South-East Asia-based telecommunication firm for last round of negotiations.
The deal with the Asian form could not make much progress, while talks with Telecom Italia has reached it’s final stages but the operator stuck to a valuation of USD 1 billion for Unitech Wireless whereas the expected valuation was USD 3 billion.
Telenor Norway may face lawsuit by Nobel Prize winner (Bangladesh)
- September 5th, 2008
- 5:56 am
Telenor Norway may face a lawsuit as the Nobel Prize winner Muhammad Yunus may sue the telecom group, which, reportedly, was in a bid to gain a full control over the Grameenphone.
Grameenphone was founded by Telenor and Grameen Telecom 12 years back and was launched by Yunus and Telenor owns 62% of the Grameenphone.
Yunus has always mentioned about a deal in which Telenor has agreed on transferring it’s share in Grameenphone to the company, to which Telenor has stated the deal invalid.
“I hope that a lawsuit will prove to be unnecessary, because Telenor’s owners will demand that the company is standing by the intention which was communicated in 1996 about transferring ownership and control through Grameenphone to the poor in Bangladesh,” said Yunus.
