Sunbeach secures US$11.8mn financing

Barbadian startup mobile operator Sunbeach Communications has reached an agreement to borrow 23.4mn Barbados dollars (US$11.8mn) from E Oliver Capital Group (EOCG) to help finance the buildout of its GSM network, Sunbeach said in a statement to the London Stock Exchange. As part of the agreement EOCG will buy 5 million Sunbeach shares and will have an option for five years to buy another 10 million shares at 0.54 Barbados dollars each. Sunbeach shareholders will vote on Wednesday whether to raise the company's share capital to 70 million shares from 56 million shares to accommodate the entry of EOCG. The company has said it expects to invest a total of US$25mn in its network and has secured financing from a number of other financial institutions. According to local daily the Barbados Advocate Sunbeach has already selected suppliers for the build out.