Melita announces further investment
Wednesday, August 3, 2011
Melita Group shareholders have announced, that following successful discussions with its senior lenders, the shareholders will be injecting Eur 8.5 million into Melita Mobile while a further Eur 14.5 million loan facility will also be made available by Melita plc to Melita Mobile for draw-down until 2015, repayable in 2018.
This shareholder investment will be used to further finance projects aimed at improving mobile indoor coverage through the implementation of the newly acquired 900MHz mobile frequencies as well as other initiatives aimed at enhancing customer experience. Moreover the financing will support the rapid growth of the mobile business.
Andrei Torriani, Melita Group CEO
Customers should experience improved indoor and outdoor coverage over the next few weeks in specific localities including Mgarr, Mellieha (Qortin Area), Qormi and Rabat as new equipment comes online shortly.
These capital injections are in addition to the further Eur 10 million injected by the Company’s ultimate shareholders into Melita Mobile during the period December 2010 – June 2011.
Commenting on this important milestone, Melita Group CEO Andre Torriani said “Once again the Company’s ultimate shareholders have demonstrated a commitment to invest in the continued growth of the Melita Mobile business. This funding, along with the agreement reached with our Senior Lenders, strongly positions the Melita Capital Group to pursue the investments required to achieve further growth of its core businesses.”
In recently published statistics Melita Mobile has been re-confirmed as the fastest growing mobile operator in Malta and the preferred choice of existing mobile users. Statistics published by the Malta Communications Authority have shown that by the end of 2010 Melita Mobile accounted for almost 16% of all mobile outgoing minutes made by mobile phone users.
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