Ufone, a Pakistani telecom company, has secured its largest syndicated financing facility to fund the acquisition and rollout of its 4G services across Pakistan, led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL).
Mr. Hatem Bamatraf, President and Group CEO of PTCL & Ufone, signed an agreement for PKR 21 billion in syndicated financing in Islamabad, which was also attended by Mr. Imran Maqbool, President of MCB Bank; Mr. Shoaib Mumtaz, Group Head, Corporate Finance & International Banking, MCB Bank; Mr. Aizid Razzaq Gill, President of Allied Bank; Mr. Owais Shahid
Ufone has recently been awarded 4G Spectrum License as a result of competitive bidding during the spectrum auction held by the Pakistan Telecommunication Authority (PTA). The company’s investment in 4G spectrum will go onto enhancing its network capacity and readiness besides delivering superior connectivity and user experience to its customers.
Speaking at the ceremony President and Group CEO, PTCL & Ufone, Hatem Bamatraf expressed his gratitude to the banking consortium for the timely financial support and said “The Financing Solution will go a long way in bringing high quality mobile broadband services to the people of Pakistan. It will improve quality of network services and usher in a host of socio-economic opportunities for growth and development for our customers” He further added ” It is a mutual goal that both Pakistan’s banking and telecom industries are working to achieve in order to create shared value for the communities we serve.”
President MCB Bank, Mr. Imran Maqbool congratulated Ufone on acquisition of 4G spectrum and emphasized on the need of changing the dynamics of all industries post Covid-19, including enhancing virtual connectivity and reliance on technological innovation for sustainable growth. He expressed hopes that Ufone, with the new 4G capabilities, will further enhance its contributions to the socio-economic growth of the country.