Ukrtelecom, the largest telecommunication company in Ukraine, has selected Raiffeisen Bank Aval, ranking among Ukrainian largest commercial banks, to raise a credit in a form of overdraft for a sum of at least UAH 200 million.
Ukrainian News learned this from a statement by the company, the wording of which was made available to the agency.
The credit agreement was signed on December 21.
The cost of the credit agreement is 2.45% per annum.
As Ukrainian News earlier reported, Ukrtelecom in October announced a tender to select banks for raising two credits for UAH 250 million.
Ukrtelecom reported a loss of UAH 456.426 million for the year 2009, when its net revenues increased by UAH 225.202 million or 3.39% to UAH 6,870.931 million compared with 2008.
Ukrtelecom finished the third quarter of 2010 with a net profit of UAH 110.6 million.
The company boosted its net revenues by 0.1% or by UAH 1.394 million over the same period of 2009, to UAH 1,671.558 million.
Ukrtelecom has a 78.5% share of the fixed-line telephone market in Ukraine and provides services to 9.9 million subscribers.
On October 13, the State Property Fund of Ukraine offered for sale 92.8% of the shares of Ukrtelecom.