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Nawras signs two credit facilities worth RO20mn

Muscat - 

Oman Qatari Telecommunications Co (Nawras) has signed two bilateral revolving credit-facility agreements totalling RO20mn with HSBC Bank Oman and Qatar National Bank (QNB), the telecom operator said in a filing to the Muscat Securities Market (MSM) on Tuesday.

The new agreements are in addition to a RO70mn credit facility the company signed with a banking consortium in January. Nawras had signed the RO70mn financing agreement, with a five-year tenure, with a banking consortium consisting DBS Bank Ltd's Dubai branch, HSBC Bank Oman, Mizuho Corporation Bank and QNB.

The bank said that the latest agreements, with a three-year tenure, were reached at the end of a competitive selection process that included 24 national and international banks.

In an e-mail reply to queries by Muscat Daily, Jorgen Latte, chief financial officer of Nawras, said that the recent financing agreements for RO70mn and RO20mn will aid the company's capital expenditure and working capital requirements.

He said, "The funds will partially finance the continuation of the Nawras network turbocharging programme which is delivering increased speed, greater capacity and wider coverage to give customers a more rewarding experience."

On Sunday, Nawras announced the successful completion of the first phase of the company's network turbocharging programme from Al Bustan to Musannah in Batinah and the launch of its 4G LTE network.

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