News, Telecom

Ufone secures its largest syndicated financing of 4G Spectrum & Rollout

Usman Aslam Written by Usman Aslam · 1 min read>

Pakistani Telecom Company, Ufone has secured its largest syndicated financing facility jointly 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) to fund the acquisition and rollout of its 4G services across Pakistan.

President and Group CEO, PTCL & Ufone, Mr. Hatem Bamatraf signed the agreement for the syndicated financing of PKR 21 billion at a ceremony held in Islamabad, which was also attended by President, MCB Bank, Mr. Imran Maqbool; Group Head, Corporate Finance & International Banking, MCB Bank, Mr. Shoaib Mumtaz; President Allied Bank, Mr. Aizid Razzaq Gill; Chief, Corporate & Investment Banking, Allied Bank, Mr. Owais Shahid; Head Investment Banking, Bank of Punjab, Mr. Umer Khan, Mr. Abid Kitchlew Divisional Head C&IBG, National Bank, and Mr. Farooq Ahmed Khan Group Head Corporate & Investment Banking, United Bank Ltd.

Ufone has recently been awarded a 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 the 4G spectrum will go on to enhance 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 the acquisition of the 4G spectrum and emphasized 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.

Written by Usman Aslam
A tech enthusiast, writer, researcher and strategist working on the latest technologies and making an impact. Usman has been heavily focused on building communities, empowering people through technological trends and advancements for over 3+ years including many notable names such as IEEE Region 10, TEDx, Google Developers, United Nations Programmes, Microsoft Partner Program and much more. Reach out: usman.aslam@techjuice.pk Profile