Etisalat says $8bn bond, sukuk sale on hold

Emirates Telecommunications Corp’s $8bn bond and sukuk program is on hold and won’t be used this year, Chairman Mohammed Omran said Monday in Amman.

The company, known as Etisalat, will revisit a plan to seek Syria’s third mobile telephone license if terms were changed, he said. Etisalat, the Middle East’s largest telephone operator, will focus on the expansion of networks in the United Arab Emirates, Saudi Arabia and Egypt and not acquisitions and new licenses, he said at a conference.

In March, Etisalat withdrew plans to bid for Syria's third mobile licence, saying the terms did not offer sufficient value for shareholders, and it has scrapped a $12bn takeover of Kuwait's Zain.

Etisalat said in May it would spend up to AED3bn ($817m) annually for the next five years on technology for 2G, 3G and 4G networks as well as for IT systems and mobile towers.

The company, which pays 50 percent of its earnings as royalties to the UAE government, said it would look to sign an infrastructure-sharing agreement with rival operator du by the year-end.

Etisalat had 7.43 million UAE mobile subscribers, 1.13 million fixed line subscribers and 0.49 million internet subscribers at the end of March.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
How technology is revving up the future of driving

How technology is revving up the future of driving

Technology firms have been investing in autonomous driving for...

A printed future: the 3D revolution

A printed future: the 3D revolution

Imagine printing a new house, jewellery, even a healthy heart...

Understanding blockchain and its growing importance in the UAE

Understanding blockchain and its growing importance in the UAE

Project Pen’s John Lillywhite talks to Moe Levin, founder of...

2
Most Discussed
sponsoredTracking