Access Bank Take-over Etisalat Nigeria
Access Bank PLC and other Nigerian and foreign banks, has taken over the management of Etisalat Nigeria, effective June 15, a statement fr...
https://newshelmng.blogspot.com/2017/06/access-bank-take-over-etisalat-nigeria.html
Access Bank PLC and other Nigerian and foreign banks, has taken over the
management of Etisalat Nigeria, effective June 15, a statement from Abu
Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate stated.
According to Premium Times, the takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
It is reported that the parent company, Etisalar Group, made the announcement on Tuesday on the floor of the Abu Dhabi Securities Exchange, United Arab Emirate.
More to come....
According to Premium Times, the takeover followed the collapse of the effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.
However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
It is reported that the parent company, Etisalar Group, made the announcement on Tuesday on the floor of the Abu Dhabi Securities Exchange, United Arab Emirate.
More to come....
