Etisalat has postponed a US$490m bond issue because it is not currently in need of the funds.
The UAE operator’s plans to tap the bond markets for the first time had been hotly anticipated with more bond issuances expected in the Middle East this year,…
Etisalat has postponed a US$490m bond issue because it is not currently in need of the funds.
The UAE operator’s plans to tap the bond markets for the first time had been hotly anticipated with more bond issuances expected in the Middle East this year, particularly after the success of Qtel’s deal last year.
One expense that Etisalat will soon have to bear is an US$800m payment to Pakistan Telecommunication (PTCL) for the 26% stake that it agreed to acquire for US$2.6bn in 2006. So far, Etisalat has paid only US$1.4bn of that fee and has claimed that it will only pay more once a further 3000 real estate units have been transferred.
PTCL is expecting the payment by the end of March.
