Pakistan Telecommunication Company Limited (PTCL) will inject Rs 37.5 Crore additional into its subsidiary Ufone as part of operational expansion plans by next year.
The unsecured loan is the part of Rs 1,100 Crore overall cash injection by the parents company under subordinated debt agreements.
Accordingly, the loans are recoverable in eight equal quarterly installments commencing after a grace period of 3 to 4 years maturing latest by February 2016 and carrying mark-up at the rate of three months KIBOR plus 82 to 180 basis points (June 30, 2011: KIBOR plus 82 to 180 basis points).
The company earlier lent Rs 1,062 Crore to Ufone for expanding its countrywide operations in different areas including network infrastructure, technical advancement and marketing.
An official of Ufone said that the company is working out extraordinary expansion and services improvement plan, which includes development of 3G infrastructure and acquisition of Rozgar Microfinance Bank.
Besides, there are technology advancement program of the network for providing various new services to customers, he added.
Ufone has posted 7 percent growth in third quarter of current financial year 2011-12 that constituted its earning of nearly Rs 16 billion with profit of Rs 140 Crore.
Overall, PTCL Group earned revenues of Rs 8,300 Crore which were 8 percent higher compared to same period last year. Its net profit after tax remained at Rs. 700 Crore during the same period depicting a decrease of 11 percent over corresponding period last year.
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