du signs three year financing deal with Standard Chartered

Dubai, 02 January 2013 - Emirates Integrated Telecommunications Company PJSC (" du ") today announced the signing of a $100 million financing deal with Standard Chartered, a leading international banking group.

Osman Sultan, CEO of du , said: "As part of the company's commitment to regularly review its funding requirements we have signed a financing deal with Standard Chartered. The debt will optimise liquidity levels and allow us to fund both short and medium term capital expenditure in the most effective and efficient manner. We are pleased to have agreed the loan on good terms, benefitting from the currently favourable market conditions.

"Our commitment to supporting the growth of the business and maximising the value we deliver to shareholders is unwavering and we are confident that we have a fully funded business plan and the financial means to support our future growth."

Jonathan Morris, Chief Executive, Standard Chartered UAE said: "Since its establishment, du has been playing a key role in the development of the telecommunications sector in the country and the region and we are proud to extend our support to this esteemed organisation. The UAE is one of Standard Chartered's key markets globally and we pride ourselves as a Bank that has deep relationships within this community. This financing facilitates du 's international vendor purchases and is yet another example of our firm commitment and continuous support to our clients in the UAE."

The financing deal with Standard Chartered, combined with the debt facilities recently agreed with DBS and National Bank of Abu Dhabi , will give du the financial flexibility to fund the future growth of the business.

In December, du signed a $500 million club debt facility with the National Bank of Abu Dhabi . It also signed a $100 million financing deal with the Dubai branch of Singapore-based DBS Bank, a leading financial services group in Asia, fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE.

-Ends

Posted on: Jan 2 2013

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Category

Description

Telecommunications

http://www.du.ae
Country: UAE

du, the integrated telecom service provider in the UAE, launched mobile telecommunication services in February 2007 across the UAE, in addition to internet and pay TV services that du provides in some of the free zones of Dubai. Call Select, du's nationwide fixed line services for voice telephony, was launched in July 2007. By the end of 3rd quarter of 2010, over 4 million people in the UAE had chosen to become du mobile customers.

Among du's many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind 'WoW' recharge card (which offers customers the choice between 'more credit', 'more time' and now the 'more international' recharge option with additional credit on international calls) and Self Care.

For business customers, du business offers include Closed Business User Group and preferred International Destinations. du Broadcast Services division brings scalable media technology platforms and telecommunication solutions to the broadcast community through its world-class teleport (Samacom) and Master Control Room (MCR) facilities.

du products and services for consumers and business are available through du's retail network, currently numbering 37 du shops located in strategic locations across the UAE, including the recently opened flagship store located in the heart of Abu Dhabi. In addition, customers can access du products and services at more than 3000 authorised dealers or through the du e-shop, accessible at http://shop.du.ae du shops are a one-stop-shop for mobile service, carrier select and the payment of service bills.

du is 39.5 per cent owned by the UAE Federal Government, 19.75 per cent by Mubadala Development Company, 19.5 per cent by Emirates Communications & Technology Company LLC and the remaining stake by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

For further information, please contact:
Saugat Chatterjee
Public Relations Manager
Brand & Communications
du
Mobile: +971 55 9367045
Email: saugat.chatterjee@du.ae

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