Mobinil: No Actual Procedures Taken to Obtain EGP2.5 bln Loan

The Egyptian Company For Mobile Services (Mobinil) – (EMOB.CA) confirmed on Wednesday its ongoing negotiations with a number of local banks over loans. However, the firm stated that no actual procedures have been taken as regards to obtain the EGP 2.5 billion loan.

This comes in a response to what Amwal Al Ghad had published on Tuesday as regards to 3 funding bids received by Mobinil from the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank -Egypt (CIB), according to reliable sources near from the talks.

The EGP 2.5 billion loan is designated to finance capital expansions as well as pay back debt dues in 2014-2015.

Last year, Mobinil had obtained EGP 2.9 billion syndicated loan which will dedicated to finance the future local expansions and refinance current debts.

In 2012, a consortium compromising of NBE, CIB and NSGB had earlier offered EGP 2 billion loan to Mobinil to which NBE contributed with EGP one billion; whereas the CIB and NSGB provided EGP 500 million for each.