VIVA Bahrain, the local subsidiary of Saudi incumbent STC, has signed a seven-year US$280m Islamic facility, reports Arab News.
Of the total, HSBC Bahrain provided US$100m and Samba a further US$180m. The facility, which reportedly attracted interest…
VIVA Bahrain, the local subsidiary of Saudi incumbent STC, has signed a seven-year US$280m Islamic facility, reports Arab News.
Of the total, HSBC Bahrain provided US$100m and Samba a further US$180m. The facility, which reportedly attracted interest from many banks, was denominated mainly in dollars, but also in Saudi riyals and Bahraini dinars.
“STC is keen to expand its international operations in order to enhance the group’s overall profitability,” said STC’s VP Finance Ameen Al-Shiddi. “Because of STC’s excellent credit rating and strong business fundamentals, we were able to leverage our relationships with financial institutions to support VIVA Bahrain’s financing facility at competitive rates,” he added..??
VIVA Bahrain, which launched 10 months ago, has according to STC received “unprecedented customer demand”, allowing it to expand faster than expected.
The facility will reportedly satisfy VIVA’s current expansion needs until it becomes cash positive.
“We are very pleased about the closure of the financing facility and we look at both HSBC and Samba as our strategic partners in our growth. VIVA is committed to serving the community in Bahrain with innovative offerings at affordable prices,” said VIVA’s CEO Ibrahim Abdulrahman Al-Omar.?
“In 2011, we will continue to enhance our offerings with innovative and easy to understand value-added services for our customers that will enrich their lives,” he added.
