Abu Dhabi – Mubasher: Etisalat Group’s decision to exit the Nigerian market came to protect its interests and those of its shareholders, according to the group’s CEO Hatem Dowidar.
Etisalat had terminated its management and technical support related agreements with Emerging Markets Telecommunication Services Limited (EMTS), effective from 30 June 2017.
"The carrying value of EMTS shares in Etisalat Group books is nil," the group revealed.
"One of the key reasons for EMTS' failure of the loan which was disbursed in part in US dollars is the worsening of Nigeria's exchange rate position, [and] floating of the currency following the devaluation of the naira," Etisalat said.
EMTS negotiated with the lenders and offered a debt-restructuring proposal; yet, the proposal was not accepted.
