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du signs AED 3.769bn financing agreements

du signs AED 3.769bn financing agreements
The financing comprises a five-year revolving credit facility
DU
DU
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Dubai – Mubasher: Emirates Integrated Telecommunications Company (du) has inked long-term financing agreements valued at AED 3.769 billion with a group of banks.

The financing comprises a five-year revolving credit facility worth AED 1.981 billion and a seven-year loan facility worth  AED 1.788 billion, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday.

The company will use the proceeds of these facilities for general corporate purposes, in addition to supporting its future infrastructure deployment.

It is noteworthy to mention that during the first quarter (Q1) of 2021, the company's net profits decreased to AED 257.149 million from AED 355.117 million in the same quarter of 2020.