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Monday, 28 May 2018

TE to use USD 90 mn of USD 200 mn facility from Afreximbank to finance MENA Cables acquisition

Telecom Egypt (TE) is reportedly planning to use USD 90 mn of a USD 200 mn short-term loan agreement with the African Export-Import Bank (AfreximBank) to finance its acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, a banking source tells Al Shorouk. The state-owned landline monopoly signed the loan agreement last week to “finance working capital and investments in Telecom Egypt’s infrastructure,” according to the company. TE subsidiary Egyptian International Submarine Cables Company (EISCC) had executed a sale and purchase agreement for the USD 90 mn acquisition of MENA Cables last week, expecting the transaction to close in c. 60 days as conditions precedent are satisfied.

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