Abu Dhabi - Mubasher: Etisalat Nigeria is working with its lenders and Abu Dhabi state investment fund Mubadala, the second-largest shareholder in the company, to resolve debt problems caused by the devaluation of the naira currency.
Mubadala spokesman Brian Lott told Reuters on Friday that a local media report saying that the fund has pulled out of Etisalat Nigeria was wrong and that several proposals are under discussion.
The spokesman declined to elaborate on the options being considered but said he will know more next week, according to Reuters
Etisalat, which owns 45% of the Nigerian company, is not willing to invest more after converting some of the affiliate's loans into equity and writing down its investment to $50 million.
The Nigerian affiliate of the Abu Dhabi Securities Exchange (ADX)-listed Etisalat has said it is in talks to restructure a $1.2 billion loan after missing a repayment, though sources have said that talks reached a deadlock on April 28.
