| Kippreport.com

Mobily has no current need for financing

September 18, 2012 2:30 by Reuters

Saudi Arabia’s Etihad Etisalat (Mobily) does not require any new financing following the signing of a 10 billion riyal ($2.67 billion), sharia-compliant loan in February, a company executive said on Tuesday.

“That was good enough for the time being. If the business required another financing, we will do so,” Khalid al-Kaf, managing director of Mobily, told reporters on the sidelines of a company event.

Mobily, Saudi Arabia’s second-largest telecoms operator by market capitalisation, rolled three existing facilities into a new, four-tranche Islamic loan with tenors of between five and seven years, it said in a statement in February.

The carrier is an affiliate of Etisalat, the former monopoly operator in the United Arab Emirates.

Tags: Etisalat, Mobily, shariah law