Emerging Markets Telecommunication Services owners of Etisalat
Nigeria, has begun changes in shareholding in line with its
restructuring measures to redress problem of its huge debt.
The change in shareholding was announced to the Abu Dhabi Stock Exchange on Tuesday.
The situation may have been necessitated by the take-over of the
management of Etisalat Nigeria by a consortium of financial
institutions, led by Access Bank with effect from June 15.
Emerging Markets Telecommunications Services, EMTS, promoted by-one
time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, had
failed to reach agreement with the banks on debt restructuring plan in
the protracted $1.72 billion (about N541.8 billion) debt impasse.
EMTS Holding BV which was established in the Netherlands, has up to
June 23 to transfer of 100 per cent of the company’s shares in Etisalat
to the United Capital Trustees Limited, the legal representative of the
consortium of banks.
Etisalat Nigeria can confirm discussions are on-going regarding other
issues such as the trading name during this transition phase.
The telecommunication outfit also said it had started negotiations
with the consortium of lenders which were considering a number of
possible options.
“Operations and services to our subscribers remain normal and will in
no way be affected as we continue to deliver quality services to our
subscribers,’’ Mr. Ibrahim Dikko, Vice President, Regulatory &
Corporate Affairs of Etisalat Nigeria, said in a statement on Tuesday.
“We will continue to tap into the rich, creative and innovative
resources within our workforce to build a stronger business upon the
stable foundation we have laid in our nine years of operations.’’
Etisalat expressed gratitude to the government, the Nigerian
Communications Commission, (NCC) and the Central Bank of Nigeria for
their patriotic zeal and tireless efforts at ensuring collaborative and
productive engagement.
“We are also appreciative of the tremendous support we have received
from the media since inception and we count on their continued support
as we transition to a stronger business.
“We will update our stakeholders and the public on further developments shortly,’’ he said.
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