du, Standard Chartered sign deal
du (Emirates Integrated Telecommunications Company) on Wednesday announced the signing of a $100 million financing deal with Standard Chartered banking group.
"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,' said Osman Sultan, CEO of du.
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 $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.
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