Etisalat, the UAE’s biggest telecoms operator, said today that it had signed a €3.15 billion (Dh15.99bn) multi-currency loan to finance the acquisition of Vivendi’s 53 per cent stake in Maroc Telecom.
The loan was signed with 17 international, regional and local banks, Etisalat said in a statement.
Etisalat said that financing consists of two facilities which can be utilised in euros and or US dollars. Tranche A is a one-year bridge loan of €2.1bn. While, tranche B is a three-year bullet term loan of €1.05 billion, which means the loan’s principal must be paid in a single payment at the end of the term.
Etisalat said in its earnings statement on Sunday that the Maroc Telecom acquisition is expected to close by the end of May. The deal is subject to regulatory approvals in Morocco.
An Abu Dhabi state-owned fund is financing a quarter of Etisalat’s €4.2bn purchase of Vivendi’s stake in Maroc Telecom, Reuters reported this week.
Etisalat’s first-quarter net income rose 11 per cent to Dh2bn, as subscribers across the group grew 3 per cent to 145 million.
selgazzar@thenational.ae
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
Company%20profile
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Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
UAE currency: the story behind the money in your pockets
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
