Cambodia’s largest mobile phone operator CamGSM has signed an agreement to borrow as much as US$591m from Chinese banks, according to media reports.
The financing package, which has been arranged by Bank of China, will be used to pay for a contract with…
Cambodia’s largest mobile phone operator CamGSM has signed an agreement to borrow as much as US$591m from Chinese banks, according to media reports.
The financing package, which has been arranged by Bank of China, will be used to pay for a contract with Chinese vendor Huawei. The company reportedly signed a five-year network expansion contract with Huawei, worth US$500m.
The facility will also be used to refinance a US$421m loan, from Standard Bank and the Australia and New Zealand Banking Group, used by parent company Royal Group to buy out CamGSM, held by Luxembourg celco Millicom International Cellular, in 2009.
Royal Group and Bank of China could not be reached for comment.
