Melita’s authorised share capital has been increased from €5 million to €250 million as part of the process of refinancing existing debt, reflecting a consolidation of the investments made in the Melita Group since 2007.

The refinancing process, which was announced in the local and international media earlier this year, is now reaching its final stages.

“At the end of this process, Melita will be in an even stronger position to invest further in its network and service portfolio to support continued growth,” a company spokesman said.

Financing is being provided by a consortia of international lenders which have a deep understanding of the telecom sector and who are positively impressed with Melita’s strategy and results, he said.

“The process was highly competitive and financing parties from multiple European countries were competing.”

There are no changes to the ultimate shareholders.

As part of the refinancing process the Melita Group will also simplify its corporate structure to make it more financially agile and operationally efficient, the spokesman added.