Kuwait’s MTC Group may bid for Pakistan telecom company, Paktel, a unit of Millicom International Cellular, using the proceeds from a $1.2 billion syndication of its Murabaha Facility.
Joint bookrunners ABC Islamic Bank, Arab Bank, Calyon, Gulf International Bank, Kuwait Finance House and National Bank of Abu Dhabi have closed the syndication with 29 financial institutions participating in the financing. Millicom recently announced that it intends to exit Pakistan due to difficult operating conditions. According to Millicom, Pakistani authorities refused to postpone its $29 million licence installment payment and did not provide adequate spectrum. On the other hand, Pakistani GSM operator Mobilink is planning to invest $500 million in 2007 to improve its network.
