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| Sunday, 29 February 2004 |
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| News Business Features Editorial
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Celltel goes in for 5th phase of expansion Celltel has entered into an agreement with the HNB, whereby the latter will act as the Arranger/Lead Banker to implement a financing package for its 5th phase of expansion. HNB, as the Lead Banker will raise a syndicated loan along with other leading banks in the country for a sum of US $ 21 million, in keeping with the company's plans for a major expansion programme in 2004 with a view to further increasing its GSM network. "This will result in adding GSM capacity and expanding GSM outstation coverage by 250%, with major towns in the North and East being covered," said Celletell's CEO Duminda Ratnayaka at a press briefing. Preliminary work including the construction of towers has already commenced, while 85 new base stations and a switch to accommodate over 200,000 additional subscribers are due to be commissioned in the first-half of 2004. "Over the past 5 years, Celltel has undertaken a series of GSM expansion projects and this 5th phase, is part of our continuous coverage expansion which underlines our commitment to the country and our customers," said Ratnayaka. Celltel's investment in Sri Lanka todate is in excess of US $75 million. Equipment for Celltel's 5th phase of expansion will be provided by Alcatel of France and NEC of Japan who were selected subsequent to an international tendering process. Williams said that MIC, Celltel's parent company and a global cellular mobile phone operator with 16 operations in 15 countries in the emerging markets of Asia, Latin America and Africa and over 5.6 million subscribers worldwide, was committed to improving mobile phone communications in Sri Lanka. "MIC & Celltel, Sri Lanka's pioneer mobile phone operator, will continue to demonstrate its commitment to the telephony industry by offering a user-friendly and affordable service to its customers, with continued investment in the network to keep abreast of evolving customer needs". HNB's relationship with Celltel dates back over 10 years, with HNB participating in every phase of Celltel's expansion programmes. HNB was also the single largest financier of Celltel's previously syndicated loan, said Rienzie Wijetilleke, (HNB) Managing Director. |
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| Editorial | Security Produced by Lake House |
