DUBAI: Emirates Integrated Telecommunications Company PJSC (du) has signed a $100 Million deal with Standard Chartered Bank to fund its short and medium term capital expenditure, according to a Dubai Financial Market notification.
The Chief Executive Officer of du Osman Sultan said, "We have signed a financing deal with Standard Chartered as part of the company's commitment to regularly review its funding requirements.
"The debt will optimise liquidity levels and allow us to fund both short and medium term capital expenditure in the most effective and efficient manner. We are pleased to have agreed the loan on good terms, benefitting from the currently favourable market conditions."
The telecom company said it aims to maximise returns for its shareholders through its fully funded business plan for growth.
Standard Chartered UAE CEO Jonathan Morris said, "This financing facilitates du's international vendor purchases and is yet another example of our firm commitment and continuous support to our clients in the UAE."
The financing deal with Standard Chartered, combined with the debt facilities recently agreed with DBS and National Bank of Abu Dhabi, will give du the financial flexibility to fund the future growth of the business.
In December, du signed a $500 Million club debt facility with the National Bank of Abu Dhabi. It also signed a $100 Million financing deal with the Dubai branch of Singapore-based DBS Bank, a leading financial services group in Asia, fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE. (QNA)
