Telecom Egypt draws down EGP2bn tranche of EGP5bn loan to finance 4G licence cost
Telecom Egypt (TE) [ETEL.CA] has drawn down the first EGP2bn tranche of the EGP5bn loan, which the company will use to finance the 4G licence cost, according to an unnamed banking source. National Bank of Egypt (NBE), Commercial International Bank (CIB) and Qatar National Bank (QNB) are participants in the said facility. In related news, Etisalat Misr is still in talks with banks over a EGP7bn loan to refinance its current loans, the source added. (Al Shorouk) Telecom Egypt: EGP8.90 as of 29 September 2016, Rating: Neutral, FV: EGP10.25 per share, MCap: USD1,711mn, ETEL EY / ETEL.CA
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