Ooredoo signs new $177m financing deal

15/01/2016 07:51 AST

Omani Qatari Telecommunications Company 'Ooredoo' has signed three new financing agreements with local and international banks worth $177 million (RO68 million).

The new funding will be used for general corporate purposes and will underpin continued investment in the company's network and ongoing enhancement of services for the company's growing business and consumer customers, said a statement.

The company's ability to secure the new financing facilities is reflective of the company's strong balance sheet, positive brand equity and excellent market performance, it said.

The company has spent in excess of RO124 million solely in network modernisation over the last three years and this has resulted in population coverage growing to approximately 99 per cent.

Jorgen Latte, chief financial officer at Ooredoo, said: "There has been huge interest from both local and foreign banks in our new facility.

"With our clear vision and strategy, Ooredoo attracts many banks who want to participate and support our strategic ambitions."

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