Aktel to finalise floatation of shares
Tuesday, 9 February 2010
FE Report
Tan Ghazzali Sheikh Abdul Khalid, chairman of Axiata (Bangladesh) will visit Dhaka Stock Exchange (DSE) today (Tuesday) to discuss about its share flotation on the stock market.
His visit came amid huge demand for telecom shares as it has clearly been evident in case of the country's telecom giant Grameenphone, which made debut on the bourses -- Dhaka Stock Exchange and Chittagong Stock Exchange-- on November 16 last year. It is the sole telecom company listed with the bourses.
Khalid, who will arrive today (Tuesday) morning on a three-day visit in Bangladesh, will sit with DSE boards, led by its president Rakibur Rahman.
Aktel, the country's third largest mobile operator, is a joint venture company between Axiata and NTT DoCoMo of Japan. It commenced its operations in 1997 in Bangladesh.
As of December 2009, it net 9.29 million subscribers, far well behind from Grameenphone that added 23.26 million subscribers during the period.
The company raised Tk 4.9 billion ($71 million) through IPO (initial public offering) and another Tk 4.86 billion through pre-IPO or private placement.
The most significant feature is that Grameenphone joined the stock market with the largest-ever issue having 130 million ordinary shares of Tk 10 each. However, the offer price was Tk 70 per share, of which Tk 60 was premium.
The benchmark index of Dhaka Stock Exchange, DSE General Index (DGEN), skyrocketed by more than 764 points, or more than 22 percent, of which Grameenphone alone added 717 points on the debut day of GP trading.
Norway's telecom giant Telenor owns Grameenphone's 62 percent stakes, while the rest is owned by local Grameen Telecom.
Currently, total six companies are operating in Bangladesh. Other four operators are Banglalink, Warid, Citycell and state-owned Teletalk.
During his stay, Mr. Ghazzali will meet the Management and senior officials from Aktel. He will also meet some senior officials from the Government sector.
In his earlier life, Mr. Ghazzali has made his career as a diplomat since 1971 and became the Ambassador of Malaysia to the United States in March 1999. Before his appointment to Washington, D.C., he served as the deputy secretary-general at the Ministry of Foreign Affairs, Malaysia. Over the years, his overseas appointments have included postings to Hong Kong, Germany, Austria, Thailand, the United Kingdom, Zimbabwe and with the Permanent Mission of Malaysia to the United Nations in New York, United States.
Mr. Ghazzali, an Economics graduate of University of La Trobe in Australia, has been a Director of Axiata (Bangladesh) Limited (former TM International Sdn Bhd) since March 24,2008.
Tan Ghazzali Sheikh Abdul Khalid, chairman of Axiata (Bangladesh) will visit Dhaka Stock Exchange (DSE) today (Tuesday) to discuss about its share flotation on the stock market.
His visit came amid huge demand for telecom shares as it has clearly been evident in case of the country's telecom giant Grameenphone, which made debut on the bourses -- Dhaka Stock Exchange and Chittagong Stock Exchange-- on November 16 last year. It is the sole telecom company listed with the bourses.
Khalid, who will arrive today (Tuesday) morning on a three-day visit in Bangladesh, will sit with DSE boards, led by its president Rakibur Rahman.
Aktel, the country's third largest mobile operator, is a joint venture company between Axiata and NTT DoCoMo of Japan. It commenced its operations in 1997 in Bangladesh.
As of December 2009, it net 9.29 million subscribers, far well behind from Grameenphone that added 23.26 million subscribers during the period.
The company raised Tk 4.9 billion ($71 million) through IPO (initial public offering) and another Tk 4.86 billion through pre-IPO or private placement.
The most significant feature is that Grameenphone joined the stock market with the largest-ever issue having 130 million ordinary shares of Tk 10 each. However, the offer price was Tk 70 per share, of which Tk 60 was premium.
The benchmark index of Dhaka Stock Exchange, DSE General Index (DGEN), skyrocketed by more than 764 points, or more than 22 percent, of which Grameenphone alone added 717 points on the debut day of GP trading.
Norway's telecom giant Telenor owns Grameenphone's 62 percent stakes, while the rest is owned by local Grameen Telecom.
Currently, total six companies are operating in Bangladesh. Other four operators are Banglalink, Warid, Citycell and state-owned Teletalk.
During his stay, Mr. Ghazzali will meet the Management and senior officials from Aktel. He will also meet some senior officials from the Government sector.
In his earlier life, Mr. Ghazzali has made his career as a diplomat since 1971 and became the Ambassador of Malaysia to the United States in March 1999. Before his appointment to Washington, D.C., he served as the deputy secretary-general at the Ministry of Foreign Affairs, Malaysia. Over the years, his overseas appointments have included postings to Hong Kong, Germany, Austria, Thailand, the United Kingdom, Zimbabwe and with the Permanent Mission of Malaysia to the United Nations in New York, United States.
Mr. Ghazzali, an Economics graduate of University of La Trobe in Australia, has been a Director of Axiata (Bangladesh) Limited (former TM International Sdn Bhd) since March 24,2008.