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Etisalat plans bond tap issuance

Etisalat plans bond tap issuance
Photo Credit: Arabianeye-Reuters
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ETISALAT
0.33% 18.32 0.06

Abu Dhabi – Mubasher: Emirates Telecommunications Corp. (Etisalat) announced that it is planning to issue tap notes as part of its established $7 billion global medium-term (GMTN) programme, according to a filing to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

The company said it will launch the bonds when market conditions are favourable.

Etisalat recently announced 14% growth in its net profits for the first quarter of 2015, reaching AED 2.45 billion ($666 million) compared to AED 2.15 billion ($585 million) in Q1-14.

The ADX-listed giant telecom operator previously reported a rise in its net profits after royalties for 2014, reaching AED 8.9 billion ($2.42 billion) compared to AED 7.1 billion ($1.93 billion) in 2013.

Shareholders approved a 70% cash dividend as well as a 10% bonus share dividend for 2014.