Du secures $1bln financing deal with a group of banks

Telecoms company says two-part finance deal will be used for corporate purposes and infrastructure deployment

  
FILE PHOTO: A journalist uses the new Samsung Galaxy S10 smartphone at a press event in London, Britain February 20, 2019. REUTERS/Henry Nicholls/File Photo. Image used for illustrative purpose.

FILE PHOTO: A journalist uses the new Samsung Galaxy S10 smartphone at a press event in London, Britain February 20, 2019. REUTERS/Henry Nicholls/File Photo. Image used for illustrative purpose.

Henry Nicholls/File Photo

Emirates Integrated Telecommunications Company PJSC (Du) has confirmed long-term financing of more than $1 billion to use for general corporate purposes and infrastructure deployment.

The company said in a statement to Dubai Financial Market (DFM) that the board has approved long-term financing of AED 3.769 billion ($1.026 billion) in two parts with a group of banks.

The financing is formed of two parts - a AED 1.981 billion equivalent five-year revolving credit facility and AED 1.788 seven-year term loan facility, Du said in its statement.

Du reported a 27 percent fall in its Q1 net profit this year. The company declared a net profit of AED 257 million ($69.9 million) during Q1, compared with AED 355 million in the same period last year.

Net profit for the January-March period more than quadrupled against Q4 2020, on the back of an improving economy, the telecom operator said.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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