Wednesday, July 8, 2009

Safaricom Plans to Borrow R 1.2 billion

Kenya's biggest mobile operator wants to borrow between up to R 1.2 billion. It has picked Barclays Capital, Absa Bank and Stanbic to arrange the issue.

Safaricom, which is partially held by Britain's Vodafone has had to contend with falling revenue per user as it has entered a price war with rivals such as France's Orange and Kuwait's Zain.

Barclays Bank Kenya has already launched a 5 billion shillings seven-year bond to support long-term lending.

Investors gave it 3 billion shillings in

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