Ukrtelecom Selects Raiffeisen Bank Aval To Raise UAH 200 Million In Credit

ukrtelecom-moneyUkrtelecom, 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.

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