Etisalat Misr seeks $850m of loans to repay debt

NEW YORK — Etisalat Misr, a unit of Abu Dhabi-based Etisalat., plans to borrow about $850 million to repay old debt and help pay for a mobile network in Egypt.

By (Bloomberg)

Published: Tue 6 Nov 2007, 9:23 AM

Last updated: Sat 4 Apr 2015, 11:11 PM

Etisalat Misr, based in Cairo, is seeking a 3 billion-Egyptian pound ($547 million) loan and a $300 million loan, Chief Financial Officer Ali Abu Hijleh said in a phone interview yesterday.

He declined to comment on the cost of the three-year debt.

“We took about 3 billion pounds of debt last year that I want to repay,” Abu Hijleh said. “The rest will help us in the coming year if we need it to maintain cash flows.”

Etisalat, started its Egyptian unit on May 1 after paying $2.9 billion last year for Egypt’s third mobile-phone licence. Chairman Mohammed Omran has said the unit aims to get 10 million subscribers by 2010, or 30 per cent market share in the Arab world’s most populous nation.

Etisalat is competing with Vodafone Group Plc and Egyptian Co. for Mobile Services.

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