Vodafone Egypt, the country’s largest mobile operator, is reportedly looking to secure a E£4bn (US$559m) loan from seven banks before the end of the year. The transaction is currently in its final approval stage, according to local publication Amwal…
Vodafone Egypt, the country’s largest mobile operator, is reportedly looking to secure a E£4bn (US$559m) loan from seven banks before the end of the year.
The transaction is currently in its final approval stage, according to local publication Amwal Al Ghad citing banking sources.
The seven lenders working on the transaction reportedly are Bank of Alexandria, Banque Misr, Barclays, Commercial International Bank, Emirates NBD, HSBC, National Bank of Egypt and Qatar National Bank.
Vodafone declined to comment on the report.
Separately, the Egyptian government recently gave state-owned fixed-line telco Telecom Egypt (TE) until the end of 2015 to exit its 45% stake in Vodafone, according to local reports.
The announcement came after TE was awarded a unified licence to also provide mobile services, first as an MVNO and later as an MNO once it secures spectrum. The stake sale is aimed at avoiding a conflict of interest.
