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Wataniya Mobile seeks to attain a loan of $90 million from foreign and local banks

2008-10-23

Dr.Mohammad Mustafa the general manager of Palestine investment fund reported to Alayyam newspaper that Wataniya Mobile which is the second cellular operator in the Palestinian territories seeks is seeking to attain a loan with a value of $90 million from banks aggregation that includes foreign and local banks. Mustafa said "we will use the loans to finance the company"s investments, and we are working on constituting the banks aggregation" and said "we are planning to attain $90 million as a first loan that will be used in financing the network establishment, and we might attain other loans in the coming phase that includes expanding the network". Mustafa hadn’t revealed the nominated banks, but he said that three working banks in Palestine are included, in addition to aboard banks.  In addition to the bank"s loan, Mustafa said that the company will attain loans from the shareholders that will reach $40-50 million. The company had raised it capital at the end of July from $100 million to $170 million, that had covered completely from PIF by %43 and the Kuwaiti Wataniya that is the strategic partner by %57. Mustafa said that the company will offer 51 million shares that represents %30 from the subscribed capital to the public, and by that PIF"s share will be decreased to %30 and the strategic partner to %40, and he indicated that they started to convert the company to cooperation and the subscription during weeks.