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Egypt's Mobinil Secures Funds for Network Expansion
Published on:
Egyptian mobile network, Mobinil says that it has signed a deal for a EGP2.9 billion (US$466 million) consolidated loan to repay some of its existing debts and fund network expansion.
In a statement to the stock exchange, the company said that the banking consortium consists of National Bank of Egypt, Commercial International Bank Egypt, or CIB, HSBC, and National Societe Generale Bank.
The company was recently taken over by France Telecom following a long running dispute with the other main shareholder, Orascom Telecom.
The Egyptian government recently announced plans to award a fourth mobile license to the state-owned Telecom Egypt, which also owns a 44% stake in Vodafone's local subsidiary. The move was criticized by Mobinil's Deputy Chairman who said it was a move by the state to strangle private companies.
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