Pan Asia Majestic Eagle (PAMEL), an independent provider of telecommunications infrastructure in Myanmar, signed $85 million of financing to roll-out tower sites in Myanmar.
PAMEL, headquartered in Yangon, focuses on the current roll-out of the construction of over 1,250 towers for Ooredoo Myanmar, as part of Ooredoo’s provision of 3G mobile communications services nationwide across Myanmar.
DBS Bank, ING Bank, OCBC Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation provided the financing directly to PAMEL, a Myanmar borrower. ING Bank in Singapore is acting as the Facility Agent and Offshore Security Agent and CB Bank in Myanmar is acting as the Onshore Security Agent.
Peter Egbertsen, managing director of PAMEL, said: “Five banks are supportive to our company throughout our financing discussions.”
The use of the loan to assist with the development of telecom infrastructure also serves to ensure that the expansion of the mobile telecommunications network in Myanmar continues according to plan.
“We are very pleased that Pan Asia Majestic Eagle has been able to secure this financing as part of their development of telecommunications infrastructure in Myanmar and we value the support they are providing to Myanmar’s telecommunications network providers as they implement our vision for a modern Myanmar,” said U Than Htun Aung, director of Posts & Telecommunications Department, Myanmar.
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