3 Jan 2013
United Arab Emirates-based telecoms operator Du has announced the signing of a USD100 million financing deal with Standard Chartered. Du said that the three-year agreement with the international banking group will give it the financial flexibility to fund the future growth of its business. ‘As part of the company’s commitment to regularly review its funding requirements we have signed a financing deal with Standard Chartered. 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,’ commented Osman Sultan, CEO of Du, adding: ‘Our commitment to supporting the growth of the business and maximising the value we deliver to shareholders is unwavering and we are confident that we have a fully funded business plan and the financial means to support our future growth.’ The latest financing deal follows the singing of a USD500 million club debt facility with the National Bank of Abu Dhabi last month, as well as a USD100 million agreement with the Dubai branch of Singapore-based DBS Bank, in order to fund the acquisition of equipment from Huawei to enhance HSPA+ and Long Term Evolution (LTE) network performance and operations.