Du signs three year financing deal with Standard Chartered
- United Arab Emirates: Wednesday, January 02 - 2013 at 13:59
- PRESS RELEASE
Emirates Integrated Telecommunications Company PJSC (Du) announced the signing of a $100 million financing deal with Standard Chartered, a leading international banking group.
"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."
Jonathan Morris, Chief Executive, Standard Chartered UAE said: "Since its establishment, Du has been playing a key role in the development of the telecommunications sector in the country and the region and we are proud to extend our support to this esteemed organisation. The UAE is one of Standard Chartered's key markets globally and we pride ourselves as a Bank that has deep relationships within this community. 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 $500m club debt facility with the National Bank of Abu Dhabi. It also signed a $100m 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.
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