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Rs2.5b PPTFC issued for Mobilink
DUBAI - Three institutions yesterday signed in Karachi a Rs2.5 billion Privately-Placed Term Finance Certificate (PPTFC) issue to meet the financing requirements of Pakistan Mobile Communication (Pvt) Ltd (Mobilink).
The ceremony was attended by top executives of the three participating institutions, which are Jahangir Siddiqui & Co. Ltd, United Bank Limited (UBL) and ABN-Amro Bank. A Press statement from the arrangers said that the PPTFC has been structured as a five-year instrument with payments to be made to investors through a cash collection mechanism spanning 32 locations across Pakistan, routed through UBL, the collecting bank for the issue. The issue has been subscribed by a wide customer base comprising 39 investors including leasing companies, financial institutions, pension funds, mutual funds and commercial banks.
It also said that the proceeds of the issue will form part of a $180 million plus investment that Mobilink plans to invest in 2003 to develop new infrastructure, including enhancing network coverage and subscriber capacity for better call connectivity and superior grade service. Mobilink is the first cellular company in Pakistan to introduce the GSM technology. With a subscriber base of 1.4 million and 53 per cent market share, it is the largest cellular company in Pakistan.
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