Editorial

Security

Politics

World

Letters

Sports

Obituaries

Archives

MTN Networks, said to be the second largest telecom operator in the country, recently received a substantial funding boost of about US$21 million.

The joint lead arrangers and underwriters for this eight-year syndicated loan were Citibank N.A., Sri Lanka and Commercial Bank of Ceylon Ltd. The other banks in the syndication were National Development Bank, National Savings Bank and DFCC. The loan is secured by MTN Network's holding company, Telekom Malaysia.The new phase of funding comes in the wake of a year of aggressive consumer-led growth and consistent market diversification.

Dialog GSM confirmed that the funds would be ploughed into an accelerated network development programme. The development programme would include a 75 per cent increase in the networks' capacity and coverage through the commissioning of over 100 new base station sites during the course of this year, further enhancement and development of services Citibank and Commercial Bank have contributed US$ 2.1 million each and further sums of Rs. 304 million and Rs. 311 million respectively. National Development Bank, National Savings Bank and DFCC have all contributed Rs. 300 million each towards this loan.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager