UAE’s Etisalat Group Severs Ties with 9Mobile’s Nigerian Shareholder

The United Arab Emirates-based Etisalat Group has said it will terminate all rights granted to the Emerging Markets Telecommunication Services Limited (EMTS), the Nigerian shareholders of 9Mobile (formerly Etisalat Nigeria), and EMTS lenders to use its Etisalat brand tomorrow.

In a letter addressed to the Director General of the Abu Dhabi Securities Exchange, the Etisalat Group said thursday that it had become necessary to terminate the rights “since EMTS and the EMTS lenders have decided not to proceed with these negotiations and to use a new brand.”

The letter signed by the Chief Financial Officer of Etisalat Group, Serkan Okandan, read: “Further to our announcement dated July 10, 2017, Emirates Telecommunications Group Company PJSC ‘Etisalat Group’ would like to inform you that Etisalat Group has entered into extensive negotiations with Emerging Markets Telecommunication Services Limited ‘EMTS’ and the EMTS lenders under the defaulted facility agreement, in connection with putting in place interim agreements for technical services, strategic procurement support and the use of Etisalat brand (and related IP rights).