Riyadh – Mubasher: Saudi Arabia’s Etihad Etisalat Company (Mobily) on Wednesday has announced signing a ten-year financing contract with Swedish Export Credit Agencies (ECA) and Finnvera ECA at a value of SAR 1.09 billion ($291 million).

The list of lenders also include: Deutsche Bank (DB), JP Morgan (JPM), the Swedish Export Credit Corporation (SEK), and Finnish Export Credit ltd (FEC), according to a statement to the Saudi Stock Exchange (Tadawul).

Mobily indicated that it will allocate the facility for the modernisation project to upgrade network.

The Saudi telecommunications provider further noted that it aims after securing the loan to purchase network equipment as a part of the network modernisation deal with Ericsson, Huawei, and Nokia.

“This financing is part of the regular review by the company of its debt portfolio structure seeking the diversification of its sources of financings, the optimization of its maturity profile and the reduction of its funding cost,” the statement added.

Mobily last reported a sharp decrease in losses by 82.3% for the third quarter of 2018, reaching SAR 30.9 million, compared to SAR 174.5 million in Q3-17.

By 10:52 am Saudi time, Mobily's stock inched up 0.57% to SAR 17.50.