A one billion rupee accord was signed on Tuesday jointly by National Bank and United Bank to facilitate Paktel, which plans to expand its capacity to 2 million connections.
The signing ceremony was held at the NBP head office.
Present on the occasion were Xavier Rocoplan, Chief Executive Officer Paktel, Syed Ali Raza, President NBP, Masood Karim, Corporate & Investment Banking Head NBP, Jawaid Iqbal, Corporate Head-South NBP, Mansoor M. Khan Group Head Corporate Banking & FI UBL and Kashif Shah, Group Head Investment Banking along with other dignitaries from each company.
Speaking on the occasion, CEO Paktel said financing was the second leg of GSM rollout financing arranged for Paktel. The various finance facilities arranged for Paktel will enable Paktel to import equipment and software required implementing the GSM network.
The above facility completes the second phase of the total envisaged investment of US$150 million.
Upon completion of the rollout plan of GSM, Paktel will have a capacity of at least 2 million connections covering at least 150 cities nation-wide. It will offer International Roaming in more than 100 countries world-wide.
Moreover, it will offer a wide array of data services such as SMS, ring tones, international SMS etc.
A full-fledged commercial launch of GSM facilities by Paktel is expected soon.
The management of Paktel thanked both the banks for their support.
The NBP's market leadership has been recognised though the award of the Best Bank in Pakistan by the Banker Magazine.
UBL has advised and structured several deals for Paktel in the last two years. UBL has been awarded by Pakistan Chapter of Investment Professionals a member chapter of Association of Investment Management and Research, the title of Largest Corporate Finance House.
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