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FINANCIAL NEWS
UAE’s Mubadala pulled out of Nigeria’s Etisalat
24 Jun 2017
(MENAFN) According to Abu Dhabi’s central bank, state investment fund Mubadala pulled out of Etisalat Nigeria, after the latter failed to secure a deal with its lenders over a $1.2 billion loan renegotiation it took four years ago.
The watchdog confirmed that Mubadala pulled out also of ongoing negotiations with Etisalat’s lenders, leaving only the Nigerian partners, led by company chairman Hakeem Belo-Osagie.
Earlier, Etisalat UAE confirmed it was carrying its 45% stake in the Nigerian arm at nil value, and it was ordered to transfer its shares to a loan trustee by June 23, following the failure of negotiations.
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