Abu Dhabi – Mubasher: Etisalat said that its Emerging Markets Telecommunication Services (EMTS) defaulted on a facility agreement with a syndicate of Nigerian banks, according to a bourse statement.
Etisalat received a default and security enforcement notice on 9 June, requesting EMTS Holding BV to transfer 100% of its shares in the telecom operator to United Capital Trustees Limited by 15 June.
The EMTS lenders extended the deadline for the share transfer on 23 June.
The carrying value of these shares in Etisalat’s books is nil, the statement said.
The remaining financial exposure from the company is related to operational services provided by the telecom operator to EMTS and management, technical and IP-related agreements, and is limited to AED 191 million as at 31 March.
