The country’s second largest mobile phone company Banglalink, a brand of Egypt-based Orascom Telecom is likely to submit its Initial Public Offering (IPO) proposal to the stocks regulator by December this year.
Dhaka Stock Exchange (DSE) president Shakil Rizvi Monday said this while he was speaking about its initiatives to inspire the country’s privatecompanies to be listed with the bourses.
The DSE president also said that after Eid-ul-Fitr the DSE would arrange a tea party, where the authorities of large companies would be invited to exchange ideas regarding their shares’ off-loading.
The Banglalink’s Chief Executive Officer (CEO) Ahmed Abou Doma sat with the DSE authorities during his visit to DSE on May 30, 2010 in a move to go public.
“At that meeting, Banglalink’s CEO spoke about some of their problems going public, but he was optimistic about overcoming the problems. The CEO also said the government’s initiatives to cut taxes on SIMs would help his company go public,” the DSE president told the FE.
However, the DSE president said that by this time the telecom authorities have decided in principle to go public. “Now they are working towards the goal,” he added.
“We also heard that Banglalink will offload shares without any private placement, which would help the general investors to buy a larger amount of shares in the overheated market,” he said.
The DSE president said their campaign in bringing good fundamentalcompanies would be strengthened after Eid-ul-Fitr. “We are expecting that at our upcoming tea party the green signal from the large companies to go public will emerge,” he added.
“At the same time the government will have to ensure the facilities for thecompanies to be listed with the bourses,” he added.
Banglalink’s success in Bangladesh was based on a simple mission: “bringing mobile telephony to the masses”, which was the cornerstone of its strategy.
The positive changes in Bangladesh have been reflected in Banglalink’s slogan “making a difference” or “din bodol” and the company has enlisted 16.80 million subscribers in the country as of July, 2010.
Source: http://thefinancialexpress-bd.com
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