MTC interested in Pakistan

Paktel is Pakistan’s fifth-largest mobile phone operator, counting approximately 1.5 million subscribers as of end-September.

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By  Tawanda Chihota Published  December 26, 2006

Kuwait's MTC Group is said to be considering bidding for Pakistan cellco Paktel, a unit of Millicom International Cellular. In November, Millicom stated that it expected to end its 16-year presence in Pakistan in 2007 as a result of difficult operating conditions in the market. Pakistani authorities have refused to delay payment of a US$29 million licence instalment from Millicom, for example, and the cellco is reported not to have been given full access to part of its spectrum. Paktel is Pakistan’s fifth-largest mobile phone operator, counting approximately 1.5 million subscribers as of end-September. Earlier this month MTC announced that joint bookrunners ABC Islamic Bank, Arab Bank, Calyon, Gulf International Bank, Kuwait Finance House, and National Bank of Abu Dhabi had successfully closed syndication of a US$1.2 billion Murabaha Facility for MTC. A total of 29 financial institutions from the MENA region, Asia and Europe participated in the financing. Proceeds of the facility will be used to refinance the existing US$750 million Murabaha Facility for an additional period of 12 months and for general corporate purposes.

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