The Egyptian unit of UAE telco Etisalat has reportedly secured a US$ 120m loan from National Bank of Abu Dhabi (NBAD) and HSBC which will mature in 2018.
Etisalat Misr, which will receive US$60m from each bank, will use the funds to finance future…
The Egyptian unit of UAE telco Etisalat has reportedly secured a US$ 120m loan from National Bank of Abu Dhabi (NBAD) and HSBC which will mature in 2018.
Etisalat Misr, which will receive US$60m from each bank, will use the funds to finance future growth opportunities, Egypt’s Daily News quoted the operator’s executive director Said El-Hamly as saying.
He reportedly added that the loan is part of a plan aimed at diversifying the company’s funding sources.
Last year, the carrier, which is the country’s third-largest mobile operator after Vodafone and Orange’s Mobinil, fully repaid the last tranche of an E£7.2bn (US$943m) syndicated loan it received in 2010 to finance infrastructure expansion.
In March 2014, Etisalat Misr reportedly said it was studying options to list its shares on either the Egyptian Bourse or another stock exchange. Last August, the telco said its board was still reviewing the matter, which is also subject to the approval of the company’s shareholders.
