Mobily secures SAR1.1bn financing for network modernisation
Etihad Etisalat (Mobily) [7020.SE] signed with the European Export Credit Agencies (ECA) a 10-year financing agreement for SAR1,091mn (USD291mn), which will be partly used for the company’s mobile-network modernisation programme. The move aims to diversify Mobily’s sources of financing, optimise its debt maturity profile and reduce overall borrowing costs, which is in line with its deleveraging strategy, according to the company’s statement. (Tadawul)
Mobily: SAR17.42 as of 4 Dec. 2018, Rating: Buy, TP: SAR20.00/share, MCap: USD3,577mn, EEC AB/7020.SE
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