MobiNil to float financing bonds worth 340 million pounds

The Egyptian company for mobile phone services, MobiNil, is getting ready to float bonds worth 340 million pounds for general subscription as part of providing long-term financing for the company.

The International Commercial Company for Investment (CIIC) is marketing these shares, whose interest rate is 11.85% annually and which are due after 8 years.

The Egyptian Ahli Bank, the Commercial International Bank, and CIIC are guaranteeing this operation.

Floating these shares comes as part of MobiNil's plan to provide the necessary financing for projects to develop the Egyptian network.

MobiNil's resources are estimated at $670 million, whether through floating shares or bonds or borrowing from foreign and international banks.