Published: April 26, 2011
Dubai telecom company secures debt package for growth.
FRiENDi, a Dubai-based mobile telecom company, has raised US$25mn to expand its operations across the Middle East, Africa and Asia.
The group secured US$10mn from existing shareholders, led by Dolphin International of Oman, and welcomed a new shareholder, National Technology Enterprises of Kuwait, to its business. The funds also included US$15mn of structured debt from Standard Bank.
Standard Bank’s MENA chief executive, Rassem Zok, said the deal highlights the bank’s support for the development of telecom services in the region.
FRiENDi, which was established in 2006, operates as Mobile Virtual Network Operator (MVNO) and B-Brand.