Dhaka, Bangladesh (BBN) – The country’s capital market watchdog body on Tuesday issued an urgent letter to the Grameenphone (GP) Limited to immediately explain its recent changes in top management.

The Securities and Exchange Commission (SEC) wanted to know the actual facts as it believes the matter is related to the initial public offering (IPO), officials said.

The letter was issued amid growing speculation that several senior executives might be no longer in job. The GP, however, has already rejected the speculation.

“The SEC is still in the dark about the job related issue of GP,” SEC Executive Director Anwarul Kabir Bhuiyan was quoted by the Financial Express, a local newspaper, as saying. “But we think the issue is related to the IPO. So, the GP needs to clear it immediately for the sake of investors.”

The GP on Tuesday said in a press release that Rubaba Dowla Matin, the chief communications officer, has resigned on personal grounds.

On Wednesday last, GP announced the IPO’s subscription dates through publishing prospectus in local newspapers.

The US$3.2 billion company having 21.15 million customers has completed all procedures to go public by October.

The total size of the GP issue will be BDT 9.73 billion, of which BDT 4860.7 million (69.40 million shares) would be sold to general investors and BDT 485.80 million (65.70 million shares) for institutions.

BBN/SS/SI/AD-02September09-2:44 am (BST)