SEC asks GP to explain recent changes in top management
Wednesday, 2 September 2009
Kayes M Sohel
The securities regulator Tuesday issued an urgent letter to the country's largest mobile phone operator Grameenphone to immediately explain its recent changes in top management.
The Securities and Exchange Commission (SEC) wanted to know the actual facts as it believes the matter is related to the initial public offering (IPO), officials said.
The letter was issued amid growing speculation that several senior executives might be no longer in job. The GP, however, has already rejected the speculation.
"The SEC is still in the dark about the job related issue of GP," said Anwarul Kabir Bhuiyan, executive director of the SEC.
"But we think the issue is related to the IPO. So, the GP needs to clear it immediately for the sake of investors," he said.
The GP on Tuesday said in a press release that Rubaba Dowla Matin, the chief communications officer, has resigned on personal grounds.
Media-savvy Rubaba has been at the centre of the rumour swirling for the past few days that she might be sacked.
But, Dowla told bdnews24.com last Thursday, "I haven't resigned."
Talat Kamal, deputy general manager of public relations, told bdnews24.com, "She (Dowla) is doing office, I talked to her this morning."
GP's chief financial officer Arif-al Islam resigned last week citing his personal ground.
Islam, who was in-charge of GP's listing process with the capital market, quit after the corporate giant got the final go-ahead from the market regulator to float shares.
On Wednesday last, GP announced the IPO's subscription dates through publishing prospectus in local newspapers.
The $3.2 billion company having 21.15 million customers has completed all procedures to go public by October.
The total size of the GP issue will be Tk 9.73 billion, of which Tk 4860.7 million (69.40 million shares) would be sold to general investors and Tk 485.80 million (65.70 million shares) for institutions.
The securities regulator Tuesday issued an urgent letter to the country's largest mobile phone operator Grameenphone to immediately explain its recent changes in top management.
The Securities and Exchange Commission (SEC) wanted to know the actual facts as it believes the matter is related to the initial public offering (IPO), officials said.
The letter was issued amid growing speculation that several senior executives might be no longer in job. The GP, however, has already rejected the speculation.
"The SEC is still in the dark about the job related issue of GP," said Anwarul Kabir Bhuiyan, executive director of the SEC.
"But we think the issue is related to the IPO. So, the GP needs to clear it immediately for the sake of investors," he said.
The GP on Tuesday said in a press release that Rubaba Dowla Matin, the chief communications officer, has resigned on personal grounds.
Media-savvy Rubaba has been at the centre of the rumour swirling for the past few days that she might be sacked.
But, Dowla told bdnews24.com last Thursday, "I haven't resigned."
Talat Kamal, deputy general manager of public relations, told bdnews24.com, "She (Dowla) is doing office, I talked to her this morning."
GP's chief financial officer Arif-al Islam resigned last week citing his personal ground.
Islam, who was in-charge of GP's listing process with the capital market, quit after the corporate giant got the final go-ahead from the market regulator to float shares.
On Wednesday last, GP announced the IPO's subscription dates through publishing prospectus in local newspapers.
The $3.2 billion company having 21.15 million customers has completed all procedures to go public by October.
The total size of the GP issue will be Tk 9.73 billion, of which Tk 4860.7 million (69.40 million shares) would be sold to general investors and Tk 485.80 million (65.70 million shares) for institutions.