HSBC Pakistan has arranged a finance facility of PKR 1,200 million (approximately USD 20 million) for Multinet Pvt Limited, Pakistan broadband operator whose mission is to enhance the state of the country communication solutions. The facility will support a fibre optic project know as Project Ittehad.

Multinet,a subsidiary of Telekom Malaysia Berhad (TM), promotes communication solutions to Carriers and Enterprises in Pakistan by leveraging TM extensive network capabilities around the globe and has entered the consumer market.

It was recently reported that TM, one of the largest listed conglomerates in Malaysia with a market capitalization of USD 8.38 billion, is investing over USD 100 million in the establishment of a nation-wide fibre optic network designed to connect 107 cities in Pakistan through over 4,000 km of fibre optic cable. TM majority owned subsidiary, Multinet Pakistan (Private) Limited is the first private sector operator in Pakistan to venture into building a fibre optic infrastructure on such a large scale. The Company is already well established in Pakistan as a premier provider of broadband internet access services.

Commenting on the PKR1.2 billion finance facility arranged for Multinet, Mr. Tahir Sadiq, Chief Executive Officer HSBC Pakistan said: The selection of HSBC by Multinet as its banking partner in Pakistan is a measure of the confidence that Multinet reposed in this long standing relationship. It is an honour for HSBC to be closely associated with the entry of the Malaysian subsidiary into Pakistan and we look forward to working closely with Multinet and foresee a long and fruitful business partnership with the Company.

The HSBC Group, one of the largest financial organizations in the world, positively views Pakistan and this transaction is a significant vote of confidence in the country. Moreover, the bank has embarked upon an aggressive growth plan which includes a rapid expansion of our branch network to cover all major cities of the country by end 2007,added Mr. Sadiq.

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