Vodafone Egypt Calls 7 Banks to Arrange Loan with EGP4 bln

Vodafone Egypt called seven banks operating in the domestic market in order to obtain EGP4 billion loan.

An official source in Vodafone said the company addressed seven banks including Banque Misr, Commercial International Bank (CIB), HSBC, Bank of Alexandria, Barclays, BNP Paribas , Qatar National Bank (QNB) and the National Bank of Egypt (NBE) in order to arrange loan, pointing out that Vodafone is awaiting the bank’s replay by the end of the current month.

The source revealed to Amwal Al Ghad that around EGP3 billion from the loan will be obtained by the banks after  the agreement on the exchange rate that is the remaining  part reached EGP1 billion within two years.

The source pointed out that the expected liquidity after obtaining the loan will be allocated in pumping fresh investments for infrastructure of Vodafone and improving strengthening tower services, noting that it did not allocate parts of loan for the integrated operator license service.

The business results of the first half of Vodafone’s fiscal year from the period of April and until September 2013 are EGP6.6 billion revenues, stressing that the profits’ volume before taxes and interests reached around EGP2.8 billion.

The financial statements of Vodafone revealed that the total value of the operating profits during the first half up EGP1.4 billion, the capital expenditure registered around EGP800 million, whereas free cash flow hit about EGP2 billion.

A report issued by the Egyptian Information Communication Technology (ICT) Ministry revealed that mobile phone subscribers boosted to 97 million at the end of September.

The Ministry’s indexes explained that the numbers of mobile phone subscribers are 41.4 million, capturing 42.2% from mobile market and it ranked first as the most operator seized the number of subscribers.