BSTDB Finances its First Telecommunications Operation in Russia
Press Release | 26-Oct-2004
BSTDB will provide a USD 10 million loan to Teleset Ltd., a private fixed-line telecom operator in Kazan, (Republic of Tatarstan- Russian Federation) with Cyprus-based shareholders which represent financially solid companies with proved track record in diverse spectrum of activities including information technology services, namely Francoudri & Stephanou Group, Alpha Copy (Nokia Greece) and Manglis' Group.
The proceeds of the loan will be utilized to finance the company's fixed line network expansion plan, which includes the construction of intra-city and inter-city fiber optic network and internet infrastructure. The maturity of the loan is up to 7 years.
This operation is expected to contribute to reducing the historically long waiting list of subscribers for fixed-line telephonic services in Volga Region of Russia, to meet demand for internet services with good quality of transmission and low cost. It is expected that at least 10,000 new subscribers per annum will have access to Teleset's telecom services.
"We are supporting Teleset as a very dynamic fixed-line telecom operator with promising business perspectives and we do believe that this operation would pave the way to a long-term cooperation with this fast-growing private Russian telecom company" said Mustafa Gürtin-BSTDB President at the signing of the loan agreement.
"We would like to express our sincere thankfulness to the bank for the support and for its willingness to make a start for a long-term cooperation with our company. We would also like to express our appreciation to the staff of the bank for their high-level professional approach during the evaluation process of our application that contributed to the successful conclusion of the transaction. The financing will allow us to proceed further with our strategic objective of further expanding in Kazan and other regions of Russia near Kazan. Teleset will continue offering high quality services to its clients and will always try to be among the pioneers in the prime sector of Telecommunications in Russia ". Mr. Yiannis Demetriou, Managing Director of Teledev East Group of Companies said.
Teleset Ltd. started operations in 1992 and grew up to become the second largest fixed-line communications operator in the city of Kazan (Republic of Tatarstan, Russian Federation). Teleset offers wide range of modern telecommunications services using its own 100% digital network and leasing fiber optic network. The Company enjoys highly competitive position in the market, supported by its strong financial and operational indicators.