Dubai – Mubasher: Emirates International Telecommunications (EIT), a subsidiary of Dubai Holding, is in talks with banks over raising approximately AED 2.1 billion ($572 million) to refinance an existing loan, Bloomberg reported, citing two sources familiar with the matter.
The stakes’ owner company in Axiom Telecom and Emirates Integrated Telecommunications Co (Du) is in talks with lenders, including Emirates NBD, Noor Bank, and Commercial Bank International, over a club loan, sources added.
The sources noted that the facility would be backed by EIT’s telecom stakes.
The company has loans worth AED 2.1 billion with maturity due in 2020, according to data compiled by Bloomberg.
