Nawras inks new financing agreement
Muscat, January 22, 2013
Oman's telecom services operator Nawras has signed a new financing agreement worth $182 million with a five-year tenure, for capital expenditure and working capital requirements.
The consortium for new financing comprises DBS Bank (Dubai Branch), HSBC Oman, Mizuho Corporate Bank and Qatar National Bank. The facility agent for this financing is Qatar National Bank.
Nawras, a Qtel company, said it has begun turbocharging of its network in order to increase speed, capacity and provide wider coverage for offering its customers a more rewarding experience.
The programme includes increased 3G+ capacity offering doubled speeds and greater coverage, launching 4G LTE services as well as new network footprint. This programme of future proofing our network shall be partially financed by this new facility.
Jorgen Latte, the chief financial officer said: “There had been a huge interest from both local and foreign banks in our new facility. With its clear vision and strategy, Nawras attracts many banks who want to participate and support our strategic targets."
"The strong commitment of the international banks in this new facility also reflects the strength and trust in the Omani economy and Nawras as one of its key flagship companies," he added.-TradeArabia News Service