Action against shop selling fake engine oil

REUTERS

DUBAI OOREDOO has signed a four-year revolving credit facility of $ 1 billion, the company said in a statement on Wednesday.

The loan was provided by 14 banks and will be used for general business purposes and to help an existing facility of 1.25 billion dollars, which is due to mature in may refinance, the statement added.

Sources said in January that the company close to completion of the loan deal, initially have approached banks in November was about securing the transaction.

Ooredoo has been on an acquisition drive in recent months, raising the stakes in its subsidiaries as it makes use of the gas-rich Gulf State healthy financial position at a time when other major telecommunications companies are shying away from deals.

The operator is in talks to acquire Vivendi by 53 percent stake in Maroc Telecom, although it is facing competition from others including the United Arab Emirates Etisalat.

The telco is talking to lenders about raising finance to its bid sources said last month.

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