Axis, the Indonesian operator majority owned by the Saudi Telecoms Company, has completed a $1.2 billion (Dh4.4bn) financing deal to fund its expansion, the company said today.
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Back to business
The Shariah-compliant deal will help finance the telecoms operator's network expansion and mobile broadband services.
The deal comprises three facilities: a $450 million Murabaha commercial facility underwritten by Deutsche Bank and Saudi British Bank; a $400 million facility for equipment purchases from Huawei, underwritten by China Development Bank; and a $350 million facility for equipment purchases from Ericsson, arranged by HSBC and backed by EKN, the Swedish Export Credit Agency.
STC, Saudi Arabia's largest phone operator by market value, said earlier this year that it had raised its stake in Axis to 80.1 per cent from 51 per cent.
In a related agreement, STC said it will offer Axis an $81m loan and is committed to offer another $290m when necessary as part of the Indonesian operator's five-year plan.
Axis has more than 10 million subscribers.
STC said in May than it plans to invest around $450m to help grow its Indonesian operations, including a boost to the broadband wireless network.
bflanagan@thenational.ae
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
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Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
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Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox