Ooredoo signs financing agreements worth OMR68m

MUSCAT: Ooredoo has signed three new financing agreements with local and international banks worth OMR68 million ($177 million).
The new funding will be used for general corporate purposes and will underpin continued investment in the company’s network and ongoing enhancement of services for the company’s growing business and consumer customers, Ooredoo said in a statement on Thursday.
The company’s ability to secure the new financing facilities is reflective of the company’s strong balance sheet, positive brand equity and excellent market performance. As the company’s customer base continues to grow, thanks to inspiring and innovative products and services, so too, does their strong relationship with both local and international banks.
The company has spent in excess of OMR124 million solely in network modernisation over the last three years and this has resulted in population coverage growing to approximately 99 per cent.
“There has been huge interest from both local and foreign banks in our new facility. With our clear vision and strategy, Ooredoo attracts many banks who want to participate and support our strategic ambitions,” said Jorgen Latte, chief financial officer at Ooredoo.