Abu Dhabi Etisalat May Divest From Nigeria Once It Signs Deal With Banks
Abu Dhabi telecoms group Etisalat may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2 billion loan. However, it wants the loans restructured before it does so. According to Reuters, it was not clear whether Etisalat, which has a 45 percent holding in Etisalat Nigeria after converting a loan to equity in […]
Abu Dhabi telecoms group Etisalat may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2 billion loan.
However, it wants the loans restructured before it does so.
According to Reuters, it was not clear whether Etisalat, which has a 45 percent holding in Etisalat Nigeria after converting a loan to equity in February, would divest completely.
Etisalat Nigeria signed a $1.2 billion medium-term facility with 13 Nigerian banks in 2013, which it used to refinance an existing $650 million loan and modernise its network.
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