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Money and Finance
Ufone Secures its Largest Syndicated Financing

Ufone Secures its Largest Syndicated Financing

Pakistani Telecom Company, Ufone has secured its largest syndicated financing facility jointly led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan. Ufone Secures its Largest Syndicated Financing of 4G Spectrum & Rollout.

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President and Group CEO, PTCL & Ufone, Mr. Hatem Bamatraf signed the agreement for the syndicated financing of PKR 21 billion at a ceremony held in Islamabad, which was also attended by President, MCB Bank, Mr. Imran Maqbool; Group Head, Corporate Finance & International Banking, MCB Bank, Mr. Shoaib Mumtaz; President Allied Bank, Mr. Aizid Razzaq Gill; Chief, Corporate & Investment Banking, Allied Bank, Mr. Owais Shahid; Head Investment Banking, Bank of Punjab, Mr. Umer Khan, Mr. Abid Kitchlew Divisional Head C&IBG, National Bank, and Mr. Farooq Ahmed Khan Group Head Corporate & Investment Banking, United Bank Ltd.

Ufone has recently been awarded a 4G Spectrum License as a result of competitive bidding during the spectrum auction held by the Pakistan Telecommunication Authority (PTA). The company’s investment in the 4G spectrum will go on to enhance its network capacity and readiness besides delivering superior connectivity and user experience to its customers. Ufone Secures its Largest Syndicated Financing of 4G Spectrum & Rollout.

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 Speaking at the ceremony President and Group CEO, PTCL & Ufone, Hatem Bamatraf expressed his gratitude to the banking consortium for the timely financial support and said “The Financing Solution will go a long way in bringing high-quality mobile broadband services to the people of Pakistan. It will improve quality of network services  and usher in a host of socio-economic opportunities for growth and development for our customers” He further added, “ It is a mutual goal that both Pakistan’s banking and telecom industries are working to achieve in order to create shared value for the communities we serve.” President MCB Bank, Mr. Imran Maqbool congratulated Ufone on the acquisition of 4G spectrum and 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 expressed hopes that Ufone, with the new 4G capabilities, will further enhance its contributions to the socio-economic growth of the country.

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About Ufone

Ufone is a Pakistani Cellular Company with its presence in all the major cities of Pakistan along with comprehensive coverage across all major towns, villages, and tehsil headquarters of the country. The company employs more than 3,850 people and operates with a network of more than 320 franchises and company-owned customer service centers along with a distribution network of 150,000 outlets nationwide. For more information, visit www.ufone.com.pk.