Omani Qatari Telecommunications Company (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 consists of DBS Bank Ltd, HSBC Oman, Mizuho Corporate Bank, Ltd, and Qatar National Bank SAQ, which also acts as facilitator.
Nawras is in the process of upgrading its network in a bid to increase speed, capacity and coverage, and particularly to support a 3G+ offering and ready the infrastructure for the launch of 4G LTE services. The secured funds are expected to partly cover the costs of the upgrade.
"There had been a huge interest from both local and foreign banks in our new facility," said Jorgen Latte, chief financial officer, Nawras.
"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."