UAE incumbent Etisalat’s Egypt has agreed a E£7.2bn (US$1.24bn) loan with 25 banks to expand coverage stations and develop new technologies, according to reports.
The banks include National Bank of Egypt, Banque Misr and National Bank of Abu Dhabi.
In a…
UAE incumbent Etisalat’s Egypt has agreed a E£7.2bn (US$1.24bn) loan with 25 banks to expand coverage stations and develop new technologies, according to reports.
The banks include National Bank of Egypt, Banque Misr and National Bank of Abu Dhabi.
In a statement cited by news outlets on 21 December, the company reveals how the loan will finance future expansion, increasing its number of coverage stations, developing mobile technology and modernising the bases is has currently..
Etisalat Egypt said on 11 May that its was seeking to raise EGP 7.2bn with a long-term loan that included a US$300m portion denominated in dollars, a separate report by Reuters states.
This would form part of plans announced in November 2009 to spend US$1.5bn on its network over the next three years, the report adds.
Meanwhile, parent group Etisalat is currently hammering out a US$12bn deal for 46% of Kuwait-based operator Zain with a consortium led by local investment firm Kharafi Group.
Earlier this week, the company was forced to deny reported rumours that suggested it had lowered the stake it is seeking in Zain to 40% because of shareholder opposition from outside the consortium.
Etisalat did not respond to requests for comment.
