|
|
 |
 |
 |
 |
| Tuesday, 27 April 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Standard Chartered wins Euromoney Trade Finance Award for Mobitel deal Standard Chartered Bank, as the mandated lead arranger, for a seven-year loan facility of USD 86 million for Mobitel (Pvt) Limited, was awarded the Euromoney Trade Finance Deal of the year 2003 Asia at the recently concluded Euromoney Trade Finance and Project Finance Awards held in Hong Hong. The award was presented at a dinner held recently at the Ritz Carlton Hongkong. "It is a great privilege to win this award amidst competition from sophisticated financial markets such as Hongkong, Singapore, Malaysia," said Senior Relationship Manager, Derick de Zilva who along with Lalith de Silva, CEO Mobitel and Nandika Buddhipala, Chief Financial Officer, Mobitel were in Hongkong to receive the award. Speaking about the transaction, Head of Client Relationships in Sri Lanka, Kimarli Fernando said, "Not only is this transaction the single largest debt raising by a Sri Lankan Corporate to-date but also the financing was made available in USD and in local rupees at the request of the borrower. Another unique aspect is that the facility incorporates the largest local currency supported Swedish Export Credit Agency, EKN transaction ever. It is also the first and largest Export Credit Agency backed transaction in Sri Lanka without government support." The other banks in the syndicate, in addition to Standard Chartered Bank were Bank of Ceylon, DFCC Bank, Hatton National Bank, National Development Bank, National Savings Bank, People's Bank, Sampath Bank and Seylan Bank. At a recent function held by Standard Chartered Bank, Sri Lanka to celebrate this landmark transaction Chief Executive, Vishnu Mohan commended the role played by the bank's syndication partners and noted that, "the transaction is representative of Standard Chartered's unwavering commitment to Sri Lanka and to the local industry. It is also further demonstration of our proven capabilities in structured trade finance and project finance. It is also important that we do not overlook the significance of the USD 54m EKN cover for the transaction which is testimony to the confidence Sweden has in our country and the ongoing viability of Sri Lanka's telecommunications industry. Perhaps it will prove to be a precedence to many more OECD country covered transactions," he said. Lalith de Silva, CEO Mobitel said that, "With this deal and recent business success, the company expects to move forward with state - of-the-art technology innovations, a quality network and coverage, unprecedented value added services and customer care." |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
