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Standard Chartered Bank has been mandated by Mobitel Private Limited to arrange its first buyer credit financing to fund the upgrade of its existing network to GSM.  Mobitel recently signed a contract with Ericsson AB , Stockholm and Ericsson Telecommunications Lanka for the supply and installation of this equipment.  Mobitel seeks the equivalent of US$70mn in Sri Lankan rupees.
Standard Chartered was awarded the sole arranger mandate despite stiff competition from the market for this deal, claims the bank.
Formed in 1993, Mobitel is a wholly-owned subsidiary of Sri Lanka Telecom Limited (SLT), the largest telephone company in Sri Lanka . Mobitel operates a mobile telephone network and is the third largest mobile telephone service provider in the country with about 130,000 subscribers. SLT is listed on the Colombo Stock Exchange and is the major domestic fixed line operator with a turnover in excess of US$200mn one of the highest in Sri Lanka .