Mashreq arranges AED3 bn du loan

The UAE's second telecoms firm, du, is to borrow AED3 billion (US$817m) to fund its network expansion, it said on Sunday.

Mashreq will lead the syndication, which is expected to be taken up by local and international institutions over the next three months.

Osman Sultan, CEO of du, said: "The faster acquisition of subscribers, and consequently increased revenue, over and above that included in our initial business plan has led us to pull forward certain capital expenditure.

"This financing facility will enable us to roll out our network infrastructure faster so that we have the increased capability and capacity required to deliver our services to more customers across the Emirates."

Du reported revenues of AED756.5m ($206m) for the first quarter of 2008, an increase of 18% from the previous quarter and 313% from the same period last year.

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