Content area
Full Text
Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.
Emerging Markets Telecommunication Services (EMTS), which trades as Etisalat Nigeria, is jointly owned by Mubadala Development Co and Etisalat. Etisalat's share, owned through a Dutch holding company EMTS Holding BV, is 45% of the Nigerian company's ordinary shares and 25% of its preference shares.
The 2013 loan, in dollars and naira, was used to refinance $650m of debt and to expand Etisalat Nigeria's network across Nigeria. EMTS first started missing interest...