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Mobinil plans to raise $180m

Egyptian telco plans to raise $180m from bonds issue

Mobinil plans to raise $180m
Mobinil plans to raise $180m through its second bonds issue this year.

Egypt's leading mobile operator, Mobinil, is considering a further round of fundraising by issuing bonds worth $180 million, according to a report from Reuters.

Mobinil's CEO, Hassan Kabbani, confirmed to Reuters that the fundraising was "under consideration".

If it goes ahead, the bond issue will be the second round of fundraising staged by Mobinil this year. In January the company raised 1.5 billion Egyptian pounds ($273 million) through a bond issue sold in two tranches, both of which were oversubscribed.

Mobinil appears to be keen to maintain its lead as Egypt's biggest mobile operator by subscriber numbers by investing in its network. The company is facing increasingly tough competition from its main mobile rival, Vodafone Egypt, and Etisalat Misr, which started operations in 2007.

At the end of 2009, Mobinil had 25.3 mobile subscribers, while Vodafone Qatar had some 23.3 million. Etisalat Misr reported that it had gained 10 million subscribers by 2009.

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