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FINANCIAL NEWS
Oman- Nawras in USD182m financing agreement
25 Jan 2013
(MENAFN) Omani Qatari Telecommunications Company (Nawras) announced that it has signed a USD182 million 5-year financing agreement with a group of commercial banks, reported Arabian Business.
The Sultanate’s second-biggest telecom operator said that the amount will be used for capital spending and capital needs, to improve its network in order to raise speed, capacity and provide wider coverage.
Nawras’ CFO, Jorgen Latte, said that the program comprises higher 3G+ capacity offering doubled speeds and greater coverage, the introduction of 4G LTE services and a new network footprint.
It is worth noting that in October, Nawras, majority-owned by Qatar Telecom (Qtel), posted a plunge of 47 percent in third-quarter profit, to USD18.70 million.
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