Emirates Telecom to borrow LE 10 billion

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CAIRO: Emirates Telecommunications Corp. (Etisalat) is looking to raise LE 10 billion in long-term finance, the company s chairman said on Tuesday.

The cash will be used to pay off a bridging facility and shareholder loans, Mohammed Hassan Omran said at a conference in Dubai.

Banks are expected to begin syndication in the next few months and the loan will be denominated in Egyptian pounds as well as other currencies, another Etisalat official, who asked not to be named, said.

United Arab Emirates-based Etisalat won Egypt s third mobile phone license last year.

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By Reuters
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