Egypt’s second largest mobile network operator by subscribers, Egyptian Company for Mobile Services (ECMS, operating as MobiNil), has inked a deal for a EGP2.9 billion (USD475 million) consolidated loan. The funds, Zawya reports, will be used to repay some of the operator’s debts, while a portion will go towards the expansion of its cellular network. As previously reported by CommsUpdate, back in May 2012 European telecoms giant France Telecom-Orange (FT-Orange) increased its MobiNil to 94%, having completed the purchase of 93.9 million shares of the 100 million it did not previously hold at a pre-agreed price of EGP202.5 per share; the transaction cost it around EGP19 billion in total.
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OVETEL MobiNil signs EGP2.9bn loan for debt repayment, network expansion
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