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Business & Finance

Etisalat's Nigeria affiliate signs $1.2bn loan

Published May 21, 2013 Updated May 21, 2013 01:04pm
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By Muhammad Iqbal
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imageDUBAI: Etisalat's Nigeria affilate has signed a $1.2 billion loan with 13 Nigerian banks, the United Arab Emirates' No.1 telecom operator said on Tuesday.

The medium-term facility will be used to refinance an existing $650 million loan and bolster Etisalat Nigeria's network, Etisalat said in a statement to the Abu Dhabi bourse.

Etisalat owns a 40 percent stake in its Nigeria affiliate, which is formally known as Emerging Markets Telecommunications Services Ltd (EMTS).

EMTS will acccount for 3.7 percent of Etisalat's revenue in 2013, HSBC forecasts in a research note.

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