More Grameenphone to come, later | The Daily Star
12:00 AM, August 04, 2010 / LAST MODIFIED: 12:00 AM, August 04, 2010

More Grameenphone to come, later

Grameenphone shares sold nine months ago to pre-IPO institutional investors -- worth Tk 18.3 crore at yesterday's price -- will only trade in the secondary market starting on October 28, the Securities and Exchange Commission confirmed yesterday.
The regulator clarified start date of the one-year the lock-in period, as many traders and even some Grameenphone executives expected trading to start on August 25.
The total number tradable shares of Grameenphone, the lone telecom company listed in Bangladesh capital markets, will nearly double on that day.
About 90 percent of the shares of the largest mobile phone operator in Bangladesh cannot be traded for at least three years.
Usually, pre-IPO shares are allotted before the IPO (initial public offering) prospectus approval. But the SEC is not counting the lock-in period from the date of its IPO prospectus approval almost a year ago. Rather, it said, the lock-in started on the date of share allotment -- October 28 last year.
"We sought clarification from the SEC about the lock-in period," said Hossain Sadat, deputy company secretary of Grameenphone. “We have received it recently and already sent it to all relevant parties.”
Grameenphone raised Tk 486 crore by issuing more than 6.94 lakh ordinary shares worth Tk 10 each, in addition to a Tk 60 premium per share. It collected another Tk 486 crore through pre-IPO placement from institutional investors by issuing around 6.7 lakh primary shares of Tk 10 each, plus a Tk 64 premium.
Currently, the 6.94-lakh shares are tradable on the Dhaka and Chittagong exchanges. On October 28, 6.7 lakh more shares will be tradable on the secondary market.
On the premier bourse yesterday, each Grameenphone shares traded between Tk 278 and Tk 271.60, before closing at Tk 273.20.
sarwar@thedailystar.net

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