Mobinil To Ink Final Loan Agreement Worth EGP 2.9 Bln Today

The Egyptian Co. for Mobile Services (Mobinil) (EMOB.CA) will sign today, Sunday, September 02, 2012, the final agreement for the EGP 2.9 billion loan facility arranged by a consortium of five banks.

The consortium comprises National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, HSBC and NSGB.

Financing of the seven-year facility was divided as follows: NBE (EGP 850 million), CIB (EGP 800 million), Banque Misr (EGP 650 million), HSBC (EGP 400 million) and NSGB (EGP 200 million).

Sources told El Borsa gazette that NBE, CIB and Banque Misr are planning to market nearly EGP 1 billion of their EGP 2.3 billion share among local banks after one week or ten days. Meanwhile, NSGB and HSBC are intending to maintain their EGP 600 million share.

El Borsa newspaper