Bank loans: Negotiations are still going on – Etisalat

Etisalat Nigeria has again said it is in negotiations with its lenders over N541.8billion loan it took from them.  The telecom company said in a statement all parties had continually demonstrated an interest in the continued operations of Etisalat as a business.  “Etisalat is aware of news reports to the effect that Mubadala Development Company, […]

Etisalat Nigeria has again said it is in negotiations with its lenders over N541.8billion loan it took from them.

 The telecom company said in a statement all parties had continually demonstrated an interest in the continued operations of Etisalat as a business.

 “Etisalat is aware of news reports to the effect that Mubadala Development Company, the majority shareholder of the company is exiting the business. Discussions have so far been quite collaborative and we expect to reach a final resolution next week, by which time we will be in the position to make a definitive announcement”, the company’s Vice President (Regulator and Corporate Affairs) Ibrahim Dikko said in the statement at the weekend.

He added: “Etisalat Nigeria can confirm that negotiations with the consortium of banks regarding the syndicated loan agreement signed in 2013 have reached an advanced stage.”