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| Sunday, 25 April 2004 |
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Euromoney award for SCB Standard Chartered Bank, as the mandated lead arranger, for a 7-year loan facility of UDS86 million for Mobitel (Pvt) Limited, was awarded the Euromoney Trade Finance Deal of the year 2003 Asia at the recently concluded Euromoney Trade Finance & Project Finance awards held in Hong Kong. The award was presented at a formal dinner held on March 17, at the Ritx Carlton Hong Kong. "It is a great privilege to win this award amidst competition from sophisticated financial markets such as Hong Kong, Singapore, Malaysia", said Senior Relationship Manager, Derick de Zilva, who along with Lalith de Silva, CEO, Mobitel and Nandika Buddipala, Chief Financial Officer, Mobitel were in Hong Kong to receive the award. About the transaction, head of Client Relationships in Sri Lanka, Kimarli Fernando said "Not only is this transaction the single largest debt raising by a Sri Lankan Corporate to date, but the financing was made available in USD and in local rupees at the request of the borrower. Another unique aspect is that the facility incorporates the largest local currency supported Swedish Export Credit Agency, EKN transaction ever. It is also the first and largest Export Credit Agency backed transaction in Sri Lanka without Government support." She further commented "The deal was very smoothly executed and closed during a relatively difficult local political environment. This award is a validation of the unique structure and precision execution that we were able to achieve with the support of our partner banks in Sri Lanka. It augurs well for the development of our local financial market and the ability for local companies to raise long-term financing internationally. We are delighted to lead the way with more innovative transaction which we trust will bring even more credit and recognition for Sri Lanka." The other banks in the syndicate, in addition to Standard Chartered Bank, were Bank of Ceylon, DFCC Bank, Hatton National Bank, National Development Bank, National Savings Bank, People's Bank, Sampath Bank and Seylan Bank. |
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