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Article: Iraq: NBK raises $1.2 bn for Zain to buy Orascom s Iraqi unit.
- Article from:
- TendersInfo
- Article date:
- June 24, 2008
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Byline: shahma05
Mobile Telecommunications Co (Zain) has raised $1.2 billion to finance the acquisition of Orascom Telecom s Iraqi mobile telephone unit, the lead arranger said on Monday. Orascom, the fourth-largest Arab telecommunications firm by market value, was forced to tie up with Iraqi Kurdish operator Korek Telecom after failing last year to win a licence to continue operations started after the US-led invasion in 2003. That partnership ran into trouble in December and Orascom opted to sell its stake.
Subprime
Zain Iraq will pay for the deal in two tranches of $600 million each, one in 2008 and one in 2009, National Bank of Kuwait said ...