Telenor celebrates quick IPO start

Press release
4 minute read
Not for distribution in the United States, Canada, Australia or Japan The Norwegian government has submitted a bill to Parliament recommending the partial privatisation of Telenor scheduled to take place from this autumn.
On behalf of Telenors board of Directors, Chairman Arnfinn Hofstad says Telenor is relieved that the government has taken such an important step that will provide new opportunities for both the company and its owner, the Norwegian state.

"We are very pleased that the government has recommended that Telenors initial public offering (IPO) should be completed as soon as possible," said Hofstad. "The governments proposal is a solid platform from which the company can develop in the future."

"It is vital that we are able to keep up with industry developments. A public listing will increase our ability to take part in the restructuring of the telecom industry which is now in full swing," said Telenors CEO Tormod Hermansen in response to the governments plans to partially privatise Telenor.

"In its proposition, the government underlines that the new proposals will increase the companys ability to pursue new business opportunities, and expects that it will focus on increasing its share value," said Hermansen.

"We would have liked to have seen a larger capital injection, but I nonetheless view the proposition as a confirmation of the governments support for Telenors Board of Directors and management, and an inspiration for our future development. A public listing will strengthen Telenors capital base, and provide us with the means to realise our growth strategy plans.

"We are now focussing all of our efforts on preparing Telenor for a public listing which we hope will take place as early as possible during the autumn," continued Hermansen. "Our public listing - the largest in Norwegian history - will make Telenor the largest company listed on the Oslo Stock Exchange and represents a great challenge for both our employees and management."

Please note:
"This is not an offer of Securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Any public offering of Securities in the United States will be made by means of a Prospectus that may be obtained from Telenor or the Norwegian State and that will contain detailed information about the Company and Management, as well as financial statements. Telenor and the Norwegian State currently may register securities for sale in the United States."