Telecoms & ITC
Jadwa seals Saudi UMG stake deal
"Jadwa Investment Company said its technology special opportunity fund has acquired a significant minority stake in United Matbouli Group (UMG), a leading player in Saudi domestic appliances and electronics market. Jadwa, a boutique merchant bank based in Riyadh, said it was proud to become a partner with the Matbouli family in the exciting sector of consumer appliances and electronics in Saudi Arabia. ""The UMG is a stellar example of excellence in management, growth and maturity in Saudi family-owned businesses,"" remarked Ahmed Al-Khateeb, managing director & CEO of Jadwa. Source: TradeArabia News
"Mobily seeks $2.7 billion loan refinancing
"Saudi Arabia's second-largest mobile phone company, Etihad Etisalat (Mobily), is seeking a SR10 billion ($2.7 billion) loan refinancing from international banks, banking sources said. The deal would be Mobily's largest syndicated loan since June 2007, when it signed a SR10.78 billion Shari'ah-compliant debt financing. Proceeds from the new SR10 billion loan will go towards refinancing several transactions, with the majority of the financing carrying a five-year maturity. Samba Financial Group is advising, with bank approvals expected by the end of October, a Middle Eastern banker said. Mobily will accept US dollars from potential European lenders, but is not wholly dependent on international participation. ""There is plenty of liquidity in Saudi Arabia,"" a European banker said. Pricing has not yet been determined, but European lenders' dollar funding and liquidity concerns, plus downgrades to French banks' credit ratings, means some Middle Eastern borrowers may have to consider higher margins. Source: Reuters
"Asiacell launches BlackBerry service in Iraq
"Asiacell, the first and largest private Iraqi telecom provider, recently launched the BlackBerry solution service in Iraq. The service was launched in collaboration with Emitac Mobile Solutions (EMS), a Dubai-based service provider and Research In Motion (RIM), the Canadian developer of the BlackBerry smartphone. The BlackBerry service offers Asiacell’s prepaid and postpaid subscribers an array of solutions including the Blackberry Internet Service (BIS), which allows subscribers to access and automatically receive emails on ten personal email accounts on platforms like Hotmail, Gmail and Yahoo! from their BlackBerry handsets. The service also provides subscribers with Internet access that enables them to browse social media platforms such as Facebook, Twitter and Myspace, as well as to surf the web freely. Asiacell’s BlackBerry service also offers business customers BlackBerry Enterprise Server (BES+) services, giving them access to their corporate emails. Source: TradeArabia News
"Djezzy valued at $7bn says report
"Orascom Telecom climbed 10% after an Egyptian newspaper reported that a law firm charged with valuing the company's Algerian unit said Djezzy was worth $7 billion, traders said. Djezzy, Orascom's Algerian unit and its single biggest source of revenue, has been locked in a dispute with Algeria over back taxes since 2009 and has come under increasing regulatory pressure. Algeria has said it wanted to buy the unit. Al-Borsa newspaper, citing an unnamed Orascom Telecom source, said that Shearman & Sterling LLP, the law firm hired by the Algerian government, had submitted the valuation. When asked about the report, Orascom Telecom executive chairman Khaled Bichara told Reuters: ""We have not received any official information on (the evaluation of) Djezzy. We cannot comment on rumors or news published in newspapers."" Source: Reuters
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