FE Report, (September 17, 2010)
GBB Power Limited, the first rental power producer in Bangladesh, plans to go to the capital market to raise capital, reports UNB.
GBB established a 24MW rental power plant in Bogra in 2008, under a 15-year electricity sale contract with state-owned Power Development Board (PDB). At present, the PDB purchases electricity from the GBB's gas fired plant.
The management of GBB has made a decision to go to the capital market to raise sufficient funds to pay off its syndicated loan and preferential finance, as well as other outstanding dues with a target of saving a minimum of Tk 200 million per year, sources said.
Engr Wahidur Rahman, senior vice president of GBB, said the company would move to the capital market under the process of launching its initial public offering (IPO).
"We're now readying our necessary documents and papers to submit to the Securities and Exchange Commission (SEC). We hope that we would be able to secure the SEC nod for the IPO," said Fauzul Akbar, managing director of GBB Limited.
GBB established a 24MW rental power plant in Bogra in 2008, under a 15-year electricity sale contract with state-owned Power Development Board (PDB). At present, the PDB purchases electricity from the GBB's gas fired plant.
The management of GBB has made a decision to go to the capital market to raise sufficient funds to pay off its syndicated loan and preferential finance, as well as other outstanding dues with a target of saving a minimum of Tk 200 million per year, sources said.
Engr Wahidur Rahman, senior vice president of GBB, said the company would move to the capital market under the process of launching its initial public offering (IPO).
"We're now readying our necessary documents and papers to submit to the Securities and Exchange Commission (SEC). We hope that we would be able to secure the SEC nod for the IPO," said Fauzul Akbar, managing director of GBB Limited.
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