Staff Report Islamabad
Engro Enfrashare, a wholly owned subsidiary of Engro Corporation, has entered into an Islamic syndicate arrangement amounting to PKR 4,500 million, led by Meezan Bank and Faysal Bank.
The proceeds raised through this Islamic syndication would be utilized to finance the development of tower sites for various mobile network operators (MNOs) operating in Pakistan.
As per terms of the financing arrangement, the tenor of the financing will be seven years, including a grace period of two years.
The syndicate includes Meezan Bank Limited, Faysal Bank Limited, National Bank of Pakistan, MCB Islamic Bank and Allied Islamic Bank.
Last month, Engro had announced to enhance its total equity investment in the Telecom Infrastructure Vertical to PKR 21,500 million.
The Telecom Infrastructure vertical was setup in 2019 to accelerate the development of connectivity infrastructure in Pakistan, thereby providing an opportunity for the people to be part of the new digital era.
Engro Enfrashare is engaged in the acquisition and construction of shared telecom towers, provision of various telecommunication infrastructure and related services, including state of the art network monitoring solutions.