Sunday, Sep 02, 2012
DUBAI (Zawya Dow Jones)--The Egyptian Co. for Mobile Services, or Mobinil, said Sunday that it has signed a 2.9 billion Egyptian pounds ($475 million) consolidated loan to repay some of its debts and to expand its network.
The consortium consists of National Bank of Egypt, Commercial International Bank Egypt, or CIB, HSBC, and National Societe Generale Bank, Mobinil said in a statement on the Egyptian bourse.
Mobinil reported a first half net loss of EGP47 million, almost half of the EGP85.8 million loss it chalked up a year ago.
France Telecom SA, one of the telco's shareholders, said in April that it will spend up to EUR1.5 billion in a bid to raise its stake in the Egyptian mobile operator Mobinil to 95%, as it looks to boost its footprint in emerging markets.
Mobinil shares trade -0.1% at EGP148.04 Sunday in an overall positive market.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
02-09-12 1117GMT
