Omani Qatari Telecommunications Co (Nawras) has signed a new financing agreement worth RO70mn with a five-year tenure, for capital expenditure and working capital requirements.
The consortium for new financing consists of HSBC Oman, DBS Bank, Mizuho Corporate Bank, and Qatar National Bank (QNB). The facility agent for this financing is QNB, a press release said.
Nawras has commenced turbocharging of its broadband network in order to increase speed, capacity and provide wider coverage to customers. 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 the network shall be partially financed by this new facility, the company said.
Jorgen Latte, chief financial officer, Nawras, 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.”