MobileCom seeks new financing package

Published June 21st, 2001 - 02:00 GMT

Jordanian GSM operator, MobileCom, has announced June 18 that it has begun the initial steps for a new long term financing package expected to reach its final stages by year’s end. A number of local and international banks have been contacted to submit their proposals. 


"The previous bridge loan taken in August 2000 was used to finance the build out of MobileCom’s network which has enabled us to provide national coverage to 98.5 percent of the population," said Henry Azzam, chairman of MobileCom. "The purpose of the long term financing package is to repay the bridge loan and use the balance to support our growth momentum while providing the company with the flexibility it needs to maintain its leadership position through its superior GSM network." 


As with the previous financing agreement, the new financing package will be facilitated through a consortium of local and international banks as well as international institutions, which will be identified once all the proposals are presented and reviewed by a tendering committee. 


MobileCom is the Jordanian public mobile telephone network operator, and is the operator of the mobile communications license granted to Jordan Telecom. The company launched its full public service in Jordan on 15th September 2000. ― (MENA Report)

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