The announcement was made during a signing ceremony held yesterday at Al Raha Beach Hotel and attended by senior representatives from ICT as well as the banks.
“We are pleased to report today the successful closing of this deal which marks a clear milestone for ICT. The acquisition of this facility has been supported by the major banks in the UAE banking community and will provide us with the necessary capital resources to continue expanding our projects on a national and international scope which is part of our strategic plan,” commented His Excellency Hamad Al Shamsi,CEO of ICT.
ICT intends to earmark these funds towards General Corporate Funding requirements including expansion, growth plans in addition to several investment opportunities that have been identified, all of which are of a large scale nature and fall in different sectors.
“The structure of this deal is considered to be a first of its kind not only due to the transaction size but also due to the number of banks and assets involved. It is the first time that ICT seeks external funding at a corporate level and the closing of this deal signals the progress and growth that the company is currently pursuing,” added Mr. Al Shamsi.
Tuesday, November 14- 2006 @ 17:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.