Ufone secures financing for 4G rollout across Pakistan

Pakistani operator Ufone secured Wednesday its largest syndicated financing facility jointly led by the MCB Bank Limited (agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and the United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan, a statement said.

The carrier 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 said in a statement.

“It’s investment in 4G spectrum in Pakistan will go onto enhancing its network capacity and readiness besides delivering superior connectivity and user experience to its customers,” the statement added.

As such, President and Group CEO, PTCL & Ufone, Hatem Bamatraf signed the agreement for the syndicated financing of $124 billion at a ceremony held in Islamabad, which was also attended by President, MCB Bank, Imran Maqbool; Group Head, Corporate Finance & International Banking, MCB Bank, Shoaib Mumtaz.

The company’s investment in 4G spectrum will look to enhance its network capacity and readiness, besides delivering superior connectivity and user experience to its customers.

On his side, Bamatraf expressed his gratitude to the banking consortium for the timely financial support highlighting that “the financing solution will go a long way in bringing high quality mobile broadband services to the people of Pakistan. It will improve the quality of network services and usher in a host of socioeconomic opportunities for growth and development for our customers.”

President MCB Bank, Imran Maqbool 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 also hoped that Ufone, with the new 4G capabilities, will further enhance its contributions to the socio-economic growth of the country.