A consortium of banks, led by Access Bank PLC and other Nigerian and foriegn banks, has assumed control over the administration of Etisalat Nigeria, effective June 15.
The takeover took after the fall of the exertion by Emerging Markets Telecommunications Services, EMTS, advanced by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to achieve concurrence with the banks on debt reconstructing plans in the extended $1.72 billion (about N541.8 billion) debt impasse.
Be that as it may, EMTS Holding BV, built up in the Netherlands, has up to June 23 to finish the exchange of 100% of the organization's offers in Etisalat to the
United Capital Trustees Limited, the legitimate illustrative of the consortium of banks.
Etisalat Group, the parent organization of Etisalat Nigeria, reported the takeover on Tuesday in a recording to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.
The loan, which included a foreign supported guarantee bond, was for the cell phone operator to back a noteworthy system restoration and extension of its operational base in Nigeria.
Not able to meet its debt overhauling commitments concurred since 2016, the consortium, nudged by their foreign accomplices, debilitated to assume control over the organization and its assets the nation over.
Source: Premium Times Ng
Source: Premium Times Ng
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