Thanks to bond issue funds secured through GuarantCo, Cambodian telecommunications firm CamGSM (Cellcard) will have access to $70 million available to invest in Cambodian infrastructure. Cellcard intends to build new 4G towers, reports IPE Real Assets. In addition to the new towers, the company also has plans to upgrade equipment that will help support 5G communications.
“We are delighted to close our first telecommunication transaction in Asia and third transaction in Cambodia from which many local people and businesses will benefit due to the improved quality of the telecommunication services,” said Layth Al-Falaki GuarantCo CEO.
“The CamGSM’s sustainability bond and secured financing will support projects aiming to alleviate climate change-related risks with investment in renewable energy and provide connectivity to the underserved population,” agreed Cellcard CEO, Simon Perkins. “The $70M funds, as guaranteed by GuarantCo, will be allocated strategically, enhancing the network and infrastructure capabilities, as well as investing in environment-friendly products and initiatives aimed at serving the underserved communities.”
Institutional investors Manulife and Prudential Cambodia are backers of the bond, IPE Real Assets reported, and also expressed their support of the planned improvements to Cambodian infrastructure.
“Manulife Cambodia is pleased to be the main investor in the CamGSM sustainability bond guaranteed by GuarantCo that supports projects relating to digital connectivity, energy efficiency, and those that are aimed at alleviating climate change-related risks,” stated May Lin, CFO at Manulife Cambodia. “Such investments align with Manulife’s Impact Agenda, a framework that guides our efforts and decisions in building a business to better the world.”
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