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FINANCIAL NEWS
Etisalat to finance $12b for Zain deal
26 Jan 2011
(MENAFN) Etisalat’s Chief Financial Officer, Salem Al Sharhan, said that in order for the operator to complete the deal of purchasing Kuwait’s Mobile Telecommunications (Zain), Etisalat would raise twelve billion dollars for financing the deal, reported Gulf News.
The CFO said that the loan would be provided at three stages of six, three and another three billion dollars over the course of the coming five years.
The CEO added that Etisalat is still negotiating the purchase of 46 percent stake in Zain. This deal comes as Etisalat plans to boost its operations in the Middle East.
The CFO noted that Etisalat had already signed deals with eighteen banks in Saudi Arabia, UAE and Kuwait for the initial term-sheet for the loan.
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