Omani Qatari Telecommunications Company, which operates under the mobile brand Nawras in Oman, has secured an OMR70m (US$182m) loan from a consortium of four banks.
The telco signed the five-year financing agreement with the Dubai branch of DBS Bank,…
Omani Qatari Telecommunications Company, which operates under the mobile brand Nawras in Oman, has secured an OMR70m (US$182m) loan from a consortium of four banks.
The telco signed the five-year financing agreement with the Dubai branch of DBS Bank, HSBC Oman, Mizuho Corporate Bank and Qatar National Bank.
Qatar National Bank was the facility agent for the transaction.
The company, which is majority-owned by the Qtel Group, will use the new facility for “capital expenditure and working capital requirements,” it said.
Nawras is currently developing its network to provide increased 3G capacity and launch 4G LTE services, the company said in an announcement. This will be partially financed by the new loan.
“There had been a huge interest from both local and foreign banks in our new facility,” said Jorgen Latte, CFO at 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.”
