The Egyptian Company For Mobile Services (Mobinil) - (EMOB.CA) had recently received financing bids from 3 major local banks over EGP 2.5 billion loan, senior sources from the firm told Amwal Al Ghad on Tuesday. The sources explained that Mobinil had received last week financing bids from 3 banks; the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank -Egypt (CIB). Mobinil is still studying the 3 lenders' financing bids, declining to disclose the terms and conditions mentioned on each bid until picking the best of them to arrange and manage the loan, the sources explained. Mobinil had requested from the banks to offer separate financial bids in order to discuss it and pick the best of them to arrange and manage the loan. The EGP 2.5 billion loan is designated to finance capital expansions as well as pay back debt dues in 2014-2015. Last year, Mobinil had obtained EGP 2.9 billion syndicated loan which will dedicated to finance the future local expansions and refinance current debts. In 2012, a consortium compromising of NBE, CIB and NSGB had earlier offered EGP 2 billion loan to Mobinil to which NBE contributed with EGP one billion; whereas the CIB and NSGB provided EGP 500 million for each.
