Cambodian telco CamGSM, operating commercially under the brand Cellcard, announced on Tuesday that it has allocated USD 180 million for network expansion in 2024, with a particular focus on extending coverage to underserved communities across Cambodia. CamGSM termed this expansion as a major network initiative and also said that the plan has been approved by the Council for the Development of Cambodia (CDC).
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Cellcard's Network Expansion
The company highlighted that this initiative aims to utilise recently obtained sustainability financing to achieve long-term growth and positive social impact.
"This USD 180 million investment underscores Cellcard's unwavering commitment to Cambodia's digital development," said Cellcard. "By expanding our network and focusing on underserved communities, we aim to empower all Cambodians with the connectivity they need to thrive in the digital age."
The announcement precedes Cellcard's inaugural Annual General Meeting (AGM) scheduled for June 28, 2024. One key agenda item includes a proposal to issue additional equity securities on the Stock Exchange of Thailand (SET).
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Sustainability Financing
In January 2024, GuarantCo, part of the Private Infrastructure Development Group (PIDG), provided CamGSM (Cellcard) with a USD 70 million guarantee to support a sustainability bond.
At the time, CamGSM stated, "All proceeds from the bond and loan will be allocated towards green/social Use of Proceeds categories financing 4G telecommunication towers, energy-efficient 4G equipment, and future-proofing the network in preparation for the 5G rollout."
