Signing the agreement.

Etihad Etisalat Co announces obtaining a vendor financing Sharia compliant in the amount of SAR750m

: Monday, June 30 - 2014 @ 09:25

Mobily signed on 26 June, 2014 a long term vendor financing agreement with Canada export credit agency or Export Development Canada (EDC) for $200 million equivalent to Saudi Riyal 750 million (with no corporate guarantee).

The purpose of the Shariah-compliant financing is to acquire telecommunications equipment from Alcatel-Lucent to upgrade/enhance the network. The appointed banks are Credit Agricole, Societe Generale & Bank of Tokyo Mitsubishi as MLAs (mandated lead arrangers).

The total tenor of the facilities is 10.5 years, and will be utilized over a period of 2 years. The loan will be repaid in 17 semi-annual equal installments, and has been priced at a fixed rate of 2.52% per annum with a 3% upfront premium.

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Monday, June 30- 2014 @ 9:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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