MARKETWATCH: Bank of London and The Middle East provides US$25 million facility
DUBLIN, Ireland & LONDON, Sep 25, 2008 (BUSINESS WIRE) -- Blue Ocean Wireless Ltd ("BOW"), an Irish company delivering GSM communication capability for the merchant maritime sector, today announced that it has partnered with Bank of London and The Middle East plc (BLME), the London based wholesale, Sharia'a compliant bank, to provide asset financing for the continued roll out of its global GSM maritime service.
BOW was founded in March 2007 by Claret Capital, the Irish private equity firm. BOW has successfully established the first GSM service for the global maritime industry. BOW launched and completed its first full year of installations without recourse to third party financing - BOW has no debt. Since foundation, Claret Capital has spearheaded a series of fundraisings for BOW which contribute to a current valuation of over US$87 million.
Claret Capital is BOW's largest shareholder. Other shareholders include NTT DOCOMO, Inc. the world's leading mobile communications company, Smart Communications, Inc, the Philippines mobile phone company, Altobridge, the Irish remote communications company, and Bank of Scotland (Ireland), a wholly owned subsidiary of HBOS Plc.
BOW has now partnered with BLME which provides access to an asset finance facility of US$25 million to support its growth targets. BOW is also among the first Irish companies to avail of Islamic (Sharia'a compliant) financing. Blue Ocean Partners with BLME >>> | September 25, 2008
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