Mobilink to raise PKR6.9bn for network expansion

13 Jan 2015

Mobilink, Pakistan’s largest wireless provider by subscribers, plans to raise PKR6.9 billion (USD67.78 million) through Islamic bonds (Sukuk) this quarter, Reuters writes, citing a statement from the Pakistan Credit Rating Agency. The bonds have been rated AA by the agency and will include a partial credit guarantee of PKR966 million; Mauritius-based GuarantCo, a specialised financial guarantor indirectly owned by the development agencies of the UK, Switzerland, Sweden and the Netherlands, will extend the credit guarantee. Mobilink will use the proceeds of the Sukuk to fund network expansion.

Pakistan, Jazz (formerly Mobilink/Warid)