Engro Enfrashare, a subsidiary of Engro Corporation, has recently signed an Islamic syndicate totaling Rs. 4.5 billion for a tenor of 7 years inclusive of a 2-year grace period. The syndicate includes Allied Islamic Bank, National Bank of Pakistan, Faysal Bank, and Meezan Bank.
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According to the subsidiary,
“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”.
According to a statement released by Engro in August, they will be enhancing their equity investment to Rs. 21,500 million in their Telecom Vertical. which was launched in 2019. This vertical was specially developed to enhance the development of Pakistan’s Telecom infrastructure.
Speaking on the occasion, the President and CEO of Engro Corporation, Ghias Khan, stated,
“Engro is committed to expanding its footprint in the Telecom Infrastructure vertical to power Pakistan’s progress in the digital era,”
He further added,
“…with the support of banking partners like Meezan Bank, Engro Enfrashare will continue to work towards its purpose of making connectivity more accessible and affordable for everyone”.
Engro Enfrashare is a wholly-owned subsidiary of Engro Corp. They work towards developing telecommunication towers and other services such as monitoring network solutions.
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