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Mashreq and First Abu Dhabi to extend second tranche worth USD200mln to WE

Sunday 22 July 2018 08:08 PM

Al Mashreq
Al Mashreq

By Mohmed Salem
Egypt Telecom ' WE' is poised during the next two weeks to sign  the second tranche of a USD500mln loan with the two UAE-based  banks of Mashreq and First Abu Dhabi  which are slated to arrange the new tranche.  
" The new tranche amounts to USD200mln with 3-year tenure, as WE  received the first one worth USD90mln with 1-year tenure a month ago," said head of Money & Risk Management at WE Sahar Heshmat.
With the aim of converting  short-term dollar-denominated loans to long-term one, WE board approved mid-May long-term facilities worth USD900mln in order to repay outstanding dues of loans.
Also, the facilities help finance the working capital and  the 4th generation using low interest rates.
WE's profits fell by 48% in the first quarter of 2018 to EGP689.6mln down from EGP1.3bn earlier.
WE's revenues rose to EGP4.7bn in 2018's first quarter up from EGP4.1bn in the same period last year.