Etisalat shelves bond issue plans, for now

29 Jan 2010

UAE-based telecoms operator Emirates Telecommunications Corporation (Etisalat) will postpone a planned AED1.8 billion (USD489 million) bond issue because it has sufficient cash to fund expansion, Reuters reports, citing the company’s chairman, Mohamed Omran. ‘We will be deferring the plans to issue an AED1.8 billion bond because at this point we have enough cash to go on with our expansions,’ Omran commented, adding, ‘Maybe we will issue the bond at a later stage, but we still have not decided when.’ According to TeleGeography’s GlobalComms Database, Etisalat had 94 million subscribers across 16 markets across the Middle East and Africa at 30 September 2009, and aims to reach the 100 million customer milestone worldwide during 2010.

United Arab Emirates, Etisalat UAE