Grameenphone, the country's largest mobile phone operator, has extended the deadline for local institutional investors to participate in its private placement offering (PPO).
“Local institutional investors need to be given adequate time to do due diligence and allocate funds for the bidding,” Grameenphone quoted its CEO Anders Jensen as saying in a statement.
“We are working with the Securities and Exchange Commission (SEC) to expedite the matter,” Jensen said.
Grameenphone however did not specify any new deadline for the PPO.
"Under the current challenging global capital market conditions in which international investors are hesitant to commit to new investments, it is important to ensure that potential investors in Grameenphone are given adequate time to make investment decisions," the statement said.
Capital market insiders said Grameenphone extended the time for participating in PPO as the offer received poor response from the local institutional investors.
People close to the matter said only a handful local institutions -- including Trust Bank, Prime Bank, ICB, AIMS of Bangladesh, IDLC and Lanka Bangla -- participated in Grameenphone's PPO before its deadline ended last week.
The highest offer for each Grameenphone share during the PPO was Tk 12, while the lowest was Tk 3.
The Grameenphone PPO is scheduled to take place ahead of its planned initial public offering (IPO).
“The shareholders of Grameenphone remain committed to the IPO, development of the Bangladesh capital market and share Grameenphone's success with its future shareholders,” the press release said, quoting the Grameenphone CEO.
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