MICROCAPITAL STORY: Public Sale in Microfinance Telecommunications Sector: GrameenPhone of Bangladesh Announces IPO set for 2008

GrameenPhone, the largest provider of cell phone services in Bangladesh, confirms the launch of an initial public offering (IPO) of shares on domestic and overseas stock exchanges next year. This is a move made to fund network expansion. GrameenPhone is owned by Telenor, a Norway-based communications, IT, and media company (62%), and Grameen Telecom (GTC) (38%). Grameen Telecom is owned by Grameen Bank of Bangladesh, and currently provides the GSM 900 cellular mobile phones to villagers. It is a not-for-profit company that provides telecommunication services in the rural areas in Bangladesh and also acts as a sales agent for mobile phones for individual urban subscribers. Basic objectives of Grameen Telecom are to ensure universal telecommunication access for the villagers and provide other value added services, with organizational & infra-structural support from Grameen Bank.

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