Muscat, 5 March 2012 - Muscat, Omani Qatari Telecommunications Company SA0G - Nawras - Oman's customer friendly communications provider, is pleased to announce the signing of a new funding deal worth USD 149 million. With five-year tenure, the consortium for the refinancing facility consists of Bank Muscat, DBS Bank Ltd., Qatar National Bank (Doha and Muscat), and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

The new facility consists of a term loan of USD 87 million and revolving credit facility of OMR 24 million. The Company used this opportunity to refinance the whole of its existing facility from a project financing to a corporate financing structure based on its strong balance sheet and operating results. The deal will allow the Company to refinance its existing indebtedness on more flexible terms and facilitates future investments.

Jorgen Latte, Chief Financial Officer, Nawras, said: "The commitment from Nawras' core banks is pleasing. With its clear vision and strategy, Nawras attracts many banks who want to participate and support our strategic targets. The strong commitment of the international banks in this new facility also reflects the strength and trust of the Omani economy and Nawras as one of its key flagship companies."

He added: "The new facility which drew great interest from many banks further improves Nawras's conservative debt profile; enhances our financial flexibility and lowers our funding cost. We appreciate the continued support of our core relationship banks who work with us on a variety of exciting projects as we continue to delight our customers in Oman."

-EndS-

Nawras:
Omani Qatari Telecommunications Company SAOG was founded and registered in the Sultanate of Oman in December 2004. It launched its service in March 2005 as the challenger mobile operator in Oman operating under the name Nawras. Nawras was awarded the second fixed licence in Oman in 2009, and launched its international gateway in April 2010, its corporate fixed and broadband services in May 2010, and its residential fixed and broadband services in June 2010. Since 2010 Nawras has been an integrated services telecommunications operator and is currently serving around 2 million customers across the Sultanate. Following a successful IPO, Nawras is listed on the Muscat Stock Market (MSM) under the "nwrs" ticker since 1 November 2010.  Nawras is majority owned by the Qtel Group and also has a number of significant Omani shareholders which ensures that the company is strongly integrated into the Omani society. Nawras has won a number of awards including Innovation in HR Strategy 2011 from Asia's Best Employer Brand Awards, Outstanding Leader from TMT Finance Middle East 2011, Best IPO in the Middle East from emeafinance magazine and Strategic Leadership Award from Global HR Excellence Awards 2011.

About Qtel Group
The Qtel Group is a leading international communications company, with a significant presence in the MENA region and Southeast Asia, and having a consolidated customer base of 82 million as of September 2011. It operates a portfolio of brands including Qtel, Indosat, Asiacell, Wataniya, Nawras, Nedjma and Tunisiana. 

The Qtel Group's principle activities are mobile telephone services, broadband solutions, digital futures and fibre technologies, serving both consumer and business markets. Headquartered in Doha, Qatar, Qtel Group is ambitiously growing its global business on the basis of its insights into the needs of customers in emerging markets. Qtel Group's ultimate parent company is Qatar Telecom (Qtel) Q.S.C., whose shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.

For further information please contact:
Ahmed Al-Humaidi
Nawras Investor Relations
E-mail :Ahmed.Al-Humaidi@nawras.om
+968 95103778

Julie Amann
Press Manager
E-mail: julie.amann@nawras.om
+968 95103669 
 

© Press Release 2012