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| Tuesday, 2 March 2004 |
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Islandwide GSM coverage from Celltel: HNB to serve as Lead Banker/Arranger Celltel entered into an agreement with HNB, whereby HNB will act as the Arranger/Lead Banker to put together a financing package for its 5th phase of expansion. HNB will in its role of Lead Banker raise a syndicated loan together with other leading banks in the country for US $ 21 million. This is in keeping with the company's plans to undertake a major expansion program in 2004 to further increase its GSM network. "This will result in adding GSM capacity and expanding GSM outstation coverage by 250%, with major towns in the North and East being covered" said Ratnayaka, addressing the media. Celltel's CEO Dumindra Ratnayaka with President South Asia (Millicom International Cellular S.A.) Ian Williams and HNB's Managing Director Rienzie Wijetilleke and Senior Deputy General Manager Rajendra Theagarajah, unveiled Celltel's plans for its proposed 5th phase expansion, which will result in a further investment of US $21 million in the network. Preliminary work including the construction of towers has already commenced, while 85 new base stations and a switch to accommodate over 200,000 additional subscribers are due to be commissioned in the first half of 2004. "Over the past five years Celltel has undertaken a series of GSM expansion projects and this 5th phase is part of our continuous coverage, expansion which underlines our commitment to the country and our customers" said Ratnayaka. Celltel's investment in Sri Lanka todate is over US $75 million. Williams said that MIC, Celltel's parent company and a global cellular mobile phone operator with 16 operations in 15 countries in the emerging markets of Asia, Latin America and Africa and over 5.6 million subscribers worldwide, were committed to improving mobile phone communications in Sri Lanka. "MIC and Celltel, Sri Lanka's pioneer mobile phone operator will continue to demonstrate its commitment to the telephony industry by offering a user-friendly and affordable service to its customers, with continued investment in the network to keep abreast of evolving customer needs". HNB's relationship with Celltel dates back over 10 years, participating in every phase of Celltel's expansion programs. HNB was also the single largest financier of Celltel's previously syndicated loan. Managing Director HNB Rienzie Wijetilleke said: "This latest operational expansion program serves to reflect Celltel's increasingly strengthened position in the market as it reaches out to new customers in Sri Lanka. We've been proud to grow with Celltel over the years and as they have grown in leaps and bounds over the years, so has our relationship with them." |
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