KARACHI: Engro Enfrashare, a wholly owned subsidiary of Engro Corp, has entered into an Islamic syndicate arrangement amounting to Rs4.5 billion.

The company will use the proceeds raised through this Islamic syndication to finance the development of tower sites for different mobile network operators (MNOs). The tenor of the financing will be seven years, including a grace period of two years. The syndicate includes Meezan Bank, Faysal Bank, National Bank of Pakistan, MCB Islamic Bank and Allied Bank.

Last month, Engro Corp announced it would enhance its total equity investment in the telecom infrastructure vertical to Rs21.5bn. The vertical was setup in 2019 to accelerate the development of connectivity infrastructure in Pakistan.

Engro Enfrashare is engaged in the acquisition and construction of shared telecom towers, provision of various telecommunication infrastructure and related services, including network monitoring solutions. Since its inception, the company has now established relationships with all MNOs and is working with them to develop build-to-suit (B2S) sites across the country to serve their coverage and capacity requirements.

Published in Dawn, September 15th, 2021