Du obtains $100m loan for expansion [Khaleej Times (United Arab Emirates)]
(Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) DUBAI - Emirates Integrated Telecommunications Co, also known as du, obtained a $100 million loan, the third financing facility it raised in a month as it seeks funding for expansion in the UAE.
The loan from Standard Chartered Plc will "optimise liquidity levels and allow us to fund both short and medium term capital expenditure," chief executive officer Osman Sultan said in a statement on Wednesday.
Shares of the company gained 1.4 per cent to Dh3.54 at the close in Dubai. Du in December obtained a $500 million club facility from National Bank of Abu Dhabi after earlier that month securing a $100 million loan from DBS Bank.
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