Etisalat Take-Over More problems for telco - its parent company is considering a sale

In the latest development in the company's loan default/bank take-over saga, Dubai-based parent company Etisalat is considering a sale of its stake in Etisalat Nigeria.

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Etisalat experience centre play

Etisalat experience centre

(nigeriabulletin)
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Telecom operator Etisalat can't seem to get a break these days. In the latest development in the company's loan default/bank take-over saga, Dubai-based parent company Etisalat is considering a sale of its stake in Etisalat Nigeria.

Etisalat Nigeria has been in the news for all the wrong reasons since last week when news of a take-over bid by a consortium of Nigerian banks hit the internet.

In a new development, Reuters reports that the company's parent company is thinking about its stake in the struggling company after it figures a way to pay its debt.

Etisalat Group, Dubai play

Etisalat Nigeria has facing financial challenges meeting the need repayments of the $1.2 billion credit facility gotten from a consortium of 1o commercials banks in Nigeria.

(UAEInteract)

 

ALSO READ: NCC, CBN has saved Etisalat from the jaws of banks it owes - for now

Sequel to a meeting with two Nigerian regulators (CBN and NCC) last week Friday, Etisalat Nigeria is set to meet with both regulators and the banks to discuss the loan default sometime this week.

Ahmed Bin Ali, Senior Vice President at Etisalat said the Group does not comment on rumours while Etisalat Nigeria could not be reached for comment, according to the Reuters report.

Could there be worse on the horizon for Etisalat? Can the company #breakfree of these trying times? Let us know in the comments section below.

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