Govt firm to bring cell-phone cos to capital mkt by yr-end

The government is determined to bring the cell phone companies to the capital market by the end of this year. To compel the cell phone companies to come to the capital market, the government is contemplating some changes in the terms and conditions of the licences granted by the Bangladesh Telecommunication Regulatory Commission (BTRC).

"We are determined to bring the cell phone companies to the capital market. To bring the mobile phone companies to the capital market by the end of 2007, we are working to make IPO (initial public offering) floating mandatory," BTRC Chairman Manzurul Alam told the UNB. About the progress in the matter, he said, the BTRC has already contacted the cell phone companies and all of them agreed in principle with the IPO floating." Warid Telecom told us they need some time as they just entered the cell phone market while GrameenPhone (GP) sought another three years to comply with IPO floating. But I think GP's request for three years is too much," the BTRC chairman said. Asked, if the cell phone companies would make benefit after being listed with the capital market, he said the government is not thinking of giving any incentive for the purpose as they are already enjoying some incentives as corporate houses. He also mentioned the need for adequate workforce, training programmes for engineers and reforming the salary structure. "Many of our engineers left the BTRC for the cell phone companies as they were offered higher salary,"

So our stock exchanges are ready for some action ahead. Good to know that BTRC has finally waken up in the telecom companies' stock enlisting issue, the sooner the better.