Egyptian wireless operator Mobinil is looking to secure a E£2.5bn (US$358m) syndicated loan and is talking to four banks.
The Cairo-based telco has approached National Bank of Egypt, Commercial International Bank Egypt, Banque Misr and Qatar National…
Egyptian wireless operator Mobinil is looking to secure a E£2.5bn (US$358m) syndicated loan and is talking to four banks.
The Cairo-based telco has approached National Bank of Egypt, Commercial International Bank Egypt, Banque Misr and Qatar National Bank Egypt, according to local reports citing Arabic newspaper Almal.
Mobinil will use the proceeds from the potential loan to expand the business and pay off debts maturing in 2014 and 2015, the reports said.
In an Arabic filing with the Egyptian bourse the company is reported to have said it is regularly holding talks with banks regarding a loan but has not got further than that.
The operator’s income has been hit by the political turmoil in the country.
