Telecom Egypt (TE) [ETEL.CA] denied the news published by Reuters under the title “Halting of Telecom Egypt’s EGP 13bn loan”. The company explained that the syndication procedures are proceeding well, according to a company disclosure. TE explained that the term sheet to the syndication has been approved by its board on 21 Jun 2017 and that the syndication had already been negotiated since Aug 2016, when TE obtained its 4G licence.
Telecom Egypt: EGP12.76 as of 3 Apr. 2018, Rating: Buy, TP: EGP15.70/share, MCap: USD1,234mn, ETEL EY/ETEL.CA