Telenor ups GP stake to 55%

27 Oct 2004

Telenor and the remaining partner of the largest wireless operator in Bangladesh, GrameenPhone (GP), has entered into an agreement with the Marubeni Corporation to buy its 9.5% stake in the company for USD9.7 million. On completion of the transaction Telenor’s stake will stand at 55.5%, up from 51%.

The decision to increase its investment in Bangladesh came on the same day as Telenor released its 3Q financials which showed a NOK300 million increase in operating profit to NOK2,600 million, while profit before taxes and minority interests increased by NOK659 million to NOK2,664 million. At the end of September 2004 Telenor claimed a total of 16.5 million consolidated wireless subscribers, while the figure for associated and consolidated customers stood at 45.2 million.

Bangladesh, Norway, GrameenPhone (GP), Telenor Group