Etisalat's Egypt unit signs $120m loan
HSBC and National Bank of Abu Dhabi will each provide $60m to Etisalat Misr
Etisalat's Egyptian telecom subsidiary Etisalat Misr has signed a $120m three-year loan with HSBC and National Bank of Abu Dhabi, the parent firm said today, Reuters reported.
The two banks will each provide $60m, Etisalat wrote in an emailed response to questions from Reuters.
"The loans come in the context of our desire to diversify our sources of funding...to increase our competitiveness," Etisalat Misr chief executive Saeed al-Hamli said in the statement.
The largest listed company in the United Arab Emirates and the country's biggest telecom operator by subscribers, Etisalat owns 66% of Etisalat Misr.
The Egyptian unit accounted for about 1.2bn Dirhams ($326.71m) or 9% of Etisalat's third-quarter revenue, Reuters calculations showed.
The Egyptian unit had 1.48bn Dirhams of debt as of 30 September, its financial statements showed.