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FINANCIAL NEWS
Egypt’s Mobinil to sell USD131m cellular towers
03 May 2015
(MENAFN) Mobinil, Egypt’s second-best telecom services provider, is set to sell 2000 cellular towers through a contract valued at USD131 million, according to its managing director and CEO, Amwal Alghad reported.
Presently, Mobinil is waiting for an approval from the National Telecommunication Regulatory Authority (NTRA) for undertaking the transaction, as the contract includes a stipulatory condition, which entails that the approval from the NTRA is a must.
The buying company is Eaton, an Irish power management company that provides energy-efficient solutions. However, the CEO of Mobinil said that the sum is going to help his firm in cutting its USD1.06 billion debt.
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