GP again extends time for pre-IPO bid

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FE Report
The Grameenphone (GP) has extended time for the pre-IPO (initial public offering) bid to facilitate participation of institutional investors, says a GP press release Thursday.
But the press release did not mention any deadline for participation by the investors.
Earlier, the GP extended the time for private placement bid twice on -- September 9 and September 15.
"Local institutional investors need to be given adequate time to do due diligence and allocate funds for the bidding," noted GP CEO Anders Jensen. "We are working with the Securities and Exchange Commission (SEC) to expedite the matter," he added.
Grameenphone's primary focus is to develop the local capital market, the press release said.
Under the current challenging global capital market conditions in which international investors are hesitant to make commitments for new investments, it is important to ensure that potential investors in Grameenphone are given adequate time to make their investment decision, it added.
"The shareholders of GP remain committed to the IPO to develop the Bangladesh capital market and to share GP's success with its future shareholders," said the CEO of GP.
Earlier on July 21, 2008, the GP board of directors approved the listing of GP's shares through an IPO. On July 29, 2008, GP filed a formal IPO application with the SEC.