Saudi Arabia’s Mobily in talks for $2b refinancing

20/07/2016 05:39 AST

Saudi Arabian mobile-phone operator Etihad Etisalat Co. started talks with lenders about refinancing 8 billion riyals (Dh7.8 billion or $2.1 billion) of debt to get better terms, according to people with knowledge of the matter.

Mobily, as the company is known, began discussions with banks after putting the sale of its mobile towers on hold, some of the proceeds of which would have been used to repay the debt, the people said, asking not to be identified as the information is private. The company, which is being advised by boutique investment bank Verus Partners, wants to lower interest costs and extend the length of the debt, the people said.

Mobily discovered accounting errors in 2014 that led to more than 1 billion riyals of losses, caused it to breach a covenant on its debt and prompted the removal of its chairman and chief executive officer. Last month, the company abandoned plans to sell its wireless network towers, which could have raised as much as $2 billion, after rival Saudi Telecom Co. said it was also considering a similar sale, people familiar said.

UK-based Verus Partners, which also advised Saudi Arabia’s government on a $10 billion loan earlier this year, declined to comment. Mobily didn’t respond to requests for comment.


Gulfnews

News

Mobily is a strategic partner for national awareness campaign

26/03/2018

PRINCE Abdullah Bin Bandar, acting Emir of Makkah Province, and Eng. Maziad Alharbi, chief technology officer of Mobily, signed a strategic partnership agreement at the headquarters of the governorat

Saudi Gazette

Mobily is racing to a smarter future in partnership with Ericsson

21/03/2018

ETIHAD Etisalat ‘Mobily’ in cooperation with Ericsson are preparing an IoT world program to be the first of its kind in the Kingdom that aims to create an interactive platform between university stud

Saudi Gazette

Mobily, Nokia in deal to launch strategic 5G tests

04/03/2018

Etihad Etisalat (Mobily), a leading telecom services operator in Saudi Arabia, has signed an agreement with Nokia Company to launch 5G tests for the first time in the kingdom.

The duo is c

Trade Arabia

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
DARALARKAN 13.47 74,648,349

Valuation

EEC Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
STC 83.41 2.09 (2.57%)
ZAIN.TASI 7.28 0.00 (0.00%)
ATHEEB 6.05 -0.03 (-0.50%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap