Dubai's du inks $100m financing deal

Telecom operator signs agreement with Standard Chartered to fund future growth
Dubai's du inks $100m financing deal
du CEO Osman Sultan.
By Andy Sambidge
Wed 02 Jan 2013 05:07 PM

Dubai's Emirates Integrated Telecommunications Company, better known as du, on Wednesday said it has signed a $100m financing deal with Standard Chartered.

The financing, and other debt facilities secured recently, would give the firm flexibility to fund future growth of its business, du said in a statement on Dubai's bourse.

Osman Sultan, CEO of du, said: "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.

"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."

In December, the company secured a $500m club debt facility and signed a $100m three-year loan facility with Singapore's DBS Bank to fund the acquisition of equipment from Huawei to enhance network performance and operations.

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