Abu Dhabi Etisalat May Divest From Nigeria Once It Signs Deal With Banks
- Abu Dhabi telecoms group Etisalat may sell its stake in Etisalat Nigeria, which has defaulted on a $1.2 billion loan.
- However, it wants the loans restructured before it does so.
- According to Reuters, it was not clear whether Etisalat, which has a 45 percent holding in Etisalat Nigeria after converting a loan to equity in February, would divest completely.
- Etisalat Nigeria signed a $1.2 billion medium-term facility with 13 Nigerian banks in 2013, which it used to refinance an existing $650 million loan and modernise its network.
- Source: Reuters