NCC, CBN set deadline for 9mobile takeover bid
Businessam Staff
January 12, 2018
Nigerian Communications Commission (NCC) alongside the central bank have set a Jan. 16 deadline for receipt of binding offers from prospective bidders to acquire debt-laden telecom firm 9mobile, the telecoms regulator said on Thursday. The regulators approved the deadline after 9mobile’s board requested a time extension, the NCC said. It added that Barclays Africa will […]
Econet said to seek U.K. listing with about $8bn value
Businessam StaffNovember 24, 2017
Econet, African telecommunications group is considering selling shares on the London Stock Exchange at a valuation of about $8 billion next year after combining new and existing assets, according to people familiar with the matter. According to Bloomberg’s report, that valuation would be based on an enlarged company, partly forged through the acquisition of additional […]
South Africa mobile operator MTN to swing back into profit
Businessam StaffJuly 27, 2017
MTN expects to swing back into profit in the first half of its financial year after a 330 billion naira ($1.1 billion) fine paid in the previous reporting period weighed on margins, the company said on Thursday. Africa’s biggest wireless network group expects headline earnings per share (HEPS) to be between 210 cents and 230 […]
Etisalat’s Q2 net profit up 6%, subscriber base up 2%
Businessam StaffJuly 26, 2017
United Arab Emirates-based telecoms operator Etisalat said on Wednesday it posted a 6 percent increase in second-quarter profit from a year earlier, according to Reuters’ report. Etisalat, which recently pulled out of Nigeria, made a net profit of 2.2 billion dirhams ($600 million) in the three months to June 30, it said in a statement. […]
9mobile, formerly Etisalat Nigeria, appoints advisers ahead of sale
Businessam StaffJuly 25, 2017
9mobile, formerly Etisalat Nigeria, has appointed advisers to manage the process of attracting investors to take over the telecoms company and has seen strong interest, the central bank governor said on Tuesday. The central bank and telecoms industry regulator intervened this month to save Nigeria’s fourth-largest mobile operator from collapse and prevent creditors putting it […]
Etisalat gives timeline on resolution of debts to banks, restructuring
Businessam StaffJuly 5, 2017
The new management team at Etisalat Nigeria has given a timeline of between three to six months to resolve the lingering multi-million-dollar debt the telecoms company owed 13 Nigerian banks and restructure the firm under new owners. This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the company […]
Joseph Nnanna named new chairman of Etisalat Nigeria
Businessam StaffJuly 5, 2017
The Deputy Governor of CBN on Financial System Stability was announced the new chairman of Etisalat Nigeria in a press release by the company Tuesday, July 4. “Etisalat Nigeria today confirms that as a result of the on-going restructuring efforts, a new board has been constituted. It comprises of Joseph Nnanna – Chairman, Oluseyi Bickersteth, Ken […]
Abu Dhabi’s Mubadala fund pulls out of Etisalat Nigeria
Businessam StaffJune 26, 2017
Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday. It gave no details on what it meant by “pulled out” but said it had intervened in […]