9mobile Acquisition: Parties Agree To Extension of Timeline
The Board of 9mobile yesterday announced the extension of the timeline for closure of the acquisiti
In a press release made available to Brand Communicator and signed by Boye Olusanya Chief Executive Officer of 9mobile said, the timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.
He said The Board of 9mobile is pleased with the progress made thus far and expects the acquisition process to be completed as soon as possible.
It will be recalled that in order to have a smooth acquisition, The House of Representatives committee on telecommunications early in the year declared that the sale of 9 mobile (formerly Etisalat) must follow due process.
Etisalat now 9mobile ran into problem last year when it failed to pay back in full a $1.2 billion loan facility it took from a number of banks.
The loan issue made one of its major shareholders, Emirates Telecoms Group Company of United Arab Emirates (Etisalat Group), to pull out of the company.
The NCC and CBN moved in to sell the company to competent telecom investor to prevent it from being taken over by the banks.
One of the buyers that signified intentions to buy the company, Teleology Holdings Limited, emerged winner in the bid process, and even went ahead to pay $50million deposit. But it has yet to take over the company due to a number of legal issues by shareholders.
However, Prof Danbatta while speaking with journalists after receiving awards from African Achievers Award at NCC headquarters in Abuja recently said Nigerians would soon hear good news on the sale process of 9mobile.