During the occasion, MTC's Group Chief Financial Officer Mr. Sam Deeb said that "Mobitel intends to use the Murabaha Facility proceeds for the purpose of funding its developmental expansion projects including licenses fees, network capital expenditures, as well as other costs in expanding the business".
The Murabaha Facility has been fully arranged and underwritten by a group of banks (Mandated Lead Arrangers) including Boubyan Bank (Kuwait), Jordan's Arab Bank (Bahrain), Kuwait's Gulf Bank and National Bank of Kuwait (Bahrain), with the participation of Lebanon's Audi Saradar Investment Bank and Byblos Bank.
Mr. Sam Deeb asserted that "Mobitel's signing of Murabaha Facility comes as a further evidence of MTC's prudent borrowing approach for funding at each operating company level their respective expansion plans and developing their respective networks throughout the Middle East and Africa". He additionally pointed out that MTC has adhered to this approach in order to diversify its sources of funding.
MTC owns 100% of Mobitel. In February 2006, Mobitel became wholly owned by MTC when the latter purchased the remaining 61% of Mobitel's shares following a US$1.3 billion transaction.
Given the fact that its current mobile-phone penetration rate is around 10%, Sudan is considered to be one of the most promising African markets in terms of the telecommunications sector. Mobitel's current subscriber base has reached 3.2 million; which represents 11% of MTC's overall subscriber base. Sudan's population numbers over 37 million people.
MTC aims to carry out a major expansion of its Sudan network in order to expand the Mobitel network coverage to 80% of the populated area of Sudan by the end of 2007.
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MTC's Sudan operation Mobitel signs a Euro 270 million Murabaha Facility
- Kuwait: Sunday, May 27 - 2007 at 16:39
- PRESS RELEASE
A signing ceremony was held at the Sheraton Hotel in Kuwait today between MTC officials and representatives of various financial institutions to announce a Euro 270 million Murabaha Facility for MTC's wholly owned operation in Sudan, Mobitel.
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About the MTC GroupThe MTC Group is a pioneer in mobile telecommunications in the Middle East and on the African continent. The company was incorporated in 1983 in Kuwait as the region's first mobile operator and since the initiation of its "3x3x3" profitable expansion strategy in 2003, it has grown very rapidly.
MTC is a leading mobile operator, now in 6 Middle Eastern (soon KSA) and 14 sub-Saharan African countries with over 13,000 employees, providing a comprehensive range of mobile voice and data services to over 29.7 million active individual and business customers (as of March 31, 2007).
The company already operates in Kuwait and Bahrain as mtc-vodafone, in Jordan as Fastlink, in Iraq as mtc atheer, in Lebanon as mtc touch, in Sudan as Mobitel and in 14 sub-Saharan countries in Africa as Celtel: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Kenya, Malawi, Madagascar, Niger, Nigeria, Sierra Leone, Tanzania, Uganda and Zambia.
In January 2007, MTC launched ACE-an implementation strategy to realize the target of the 3x3x3 vision. ACE seeks to extract superior value from existing assets through three main thrusts: Accelerating the growth in Africa; Consolidating the existing assets; and Expanding into adjacent markets.
Based on organic growth and through ACE, MTC aspires to become one of the top 10 mobile operators in the world by the year 2011. Listed on the Kuwait Stock Exchange MTC's market capitalization exceeded US$29.5 billion as of 27 May 2007.
Media Contacts
Ibrahim Adel
Antoine Aboukhalil
Corporate Communications & Relations
Mobile Telecommunications Company (MTC)
o : +961.3.792165
f : +961.3.792180
Mailing address:
MTC Touch Head Office Bldg
Charles Helou Ave
PO Box 175051
Beirut, Lebanon
Posted by Lara Lynn Golden, News EditorSunday, May 27 - 2007 at 16:39 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Mon May 28 2007.
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