Etisalat gains as telecom giant issues bond

June 12, 2014 5:10 pm

The Abu Dhabi market index ADXGI accelerated its rebound from Wednesday, finishing 1.13 per cent higher at 4,931.78 points on Thursday, June 12.

Market bellwether Etisalat surged 0.88 per cent to AED11.50. Earlier in the day, the UAE’s first provider of telecommunications said in a filing to the bourse it successfully issued a Aa3 inaugural bond under its recently established U$7 billion global medium term note program that was listed on the Irish stock exchange on May 22 2014. The net proceeds from the issuance of the bond will be used for repayment of the outstanding facilities amounting to EUR3.15 billion (U$4.26 billion) that was used to fund the acquisition of the purchase of 53 per cent in Maroc Telecom. Etisalat completed the acquisition of the majority stake in Maroc Telecom on May 14.

Gérard Al-Fil