Liberia’s premier GSM Company, Lonestar Cell MTN has signed a Syndicate Loan of US$25 Million with United Bank of Africa, Liberia Bank for Development and Investment, Guaranteed Trust and Ecobank Liberia Limited, respectively.
The transaction is to provide capital to support continuous network rollout and upgrade of Lonestar Cell MTN’s infrastructure across Liberia, while delivering d service quality to its numerous subscribers, including job opportunities.
Speaking during the signing ceremony at the Mamba Point Hotel over the weekend, the Chief Executive Officer of Lonestar Cell MTN, Tebogo Mogapi said restating a verifiable claim as his company with the most expansive network in Liberia, reaching all fifteen counties, Lonestar Cell MTN will continue to invest in infrastructure to maximize its network coverage and improve quality of service.
“In fact, that is the reason we approached the banks for help. As at the last count, we have presence in all fifteen counties, serving … cities. We are always inundated by requests from Liberians, our present and prospective customers to roll our network into their communities and connect them to the world. And that needs money to do. For this, we thank our banks for sharing the vision of being in every corner of Liberia with us,” he noted.
The Lonestar Cell MTN CEO said the company takes great pride in reaching its customers in cities, towns and remote villages, connecting them with families, friends and opportunities important to their lives and aspirations.
He added that the signing of the syndicated loan with the four banks hold true when it is stated that no man is an island. According to him, reaching out to more than one bank allows a stronger stimulation of the banking sector and also holds true for his company for it is an organization which operates and provides an important service as an integral and not separate part of the nation.
He said in its 12th year of operations, Lonestar Cell MTN continues to be the Leader and pacesetter in the telecommunications industry in Liberia.
“Lonestar Cell MTN, a member of the MTN Group, Africa’s largest telecommunications company operating in 22 countries in Africa, and the Middle East, has spearheaded the development of telecommunications in Liberia. Where we have led, others have followed,” he said.
Mr. Mogapi said Lonestar Cell MTN again is leading the way, bringing together four commercial banks in Liberia to provide a Syndicated Loan of US$25 million. The signing is the first ever Syndicate Loan, the largest corporate funding in the history of Liberia and Lonestar Cell MTN says it is pleased to be the borrower.
“For us, this signifies that indeed, Liberia is getting better and stronger, and the financial and economic life of the nation is very hopeful,” he said.
He said the fact that Lonestar Cell can celebrate the signing of a Syndicate Loan with four (4) banks operating in Liberia is extremely positive and encouraging for the Liberian economy. He however thanked the (four) 4 banks for responding to his loan request, congratulating them for working together on the project.
Speaking on behalf of the four banks, the Managing Director and CEO of the United Bank of Africa or UBA Mrs. Chioma Mang, said the loan is a testament to the robust strategy of Lonestar Cell MTN in market leadership; the faith of the banking community in the company’s operations and performance as well as their tested execution capabilities.
She said the syndication also confirms a strategic collaboration within the Liberian banking sector thus, showcasing the growing strength of the Liberian financial institutions and their collective ability to stimulate significant economic growth in Liberia while deepening the telecommunications services in Liberia.
She said the growing project financing capacity of the Liberian banking sector under the able- leadership of the governor of the Central Bank of Liberia Dr. Mills Jones has been indelibly stamped.
The UBA boss however assured the Liberian government and the people of Liberia the banking sector continuous support for both large and micro projects, designed for the uplifting of the well being of the general populace.