Egyptian mobile operator Mobinil is seeking to raise a loan of E£2bn (E247m) to finance the expansion of its network and services, Reuters reports quoting local media.
CEO Hassan Kabbani was quoted saying that the size of the loan would depend on market…
Egyptian mobile operator Mobinil is seeking to raise a loan of E£2bn (E247m) to finance the expansion of its network and services, Reuters reports quoting local media.
CEO Hassan Kabbani was quoted saying that the size of the loan would depend on market conditions as well as negotiations with Commercial International Bank (CIB) and National Bank of Egypt.
Mobinil has reached the limit imposed by the central bank for a company to raise loans because the debt of its shareholder, Orascom Telecom, is also taken into account. But the mobile operator is seeking to be exempted from this limit on the grounds that its financial accounts had been incorporated into those of its other main shareholder, France Telecom.
Mobinil was not immediately available for comment.
