You are here

Etisalat Group Severs Ties with EMTS

PrintPrintEmailEmail
chike onwuegbuchi
Mr. Hakeem Bello Osagie
Mr. Hakeem Bello Osagie

The United Arab Emirates-based Etisalat Group said it will terminate all rights granted to the Emerging Markets Telecommunication Services Limited (EMTS) and EMTS lenders to use its Etisalat brand on Friday, July 21, 2017.

The Group, in a letter with reference number HO/GCFO/152/105, which was addressed to the Director General of the Abu Dhabi Securities Exchange and signed by Serkan Okandan, Etisalat Group’s Chief Financial Officer, on Thursday said 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.”

“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).

“The purpose of these agreements was to allow for an organised transition to a new brand without adversely impacting EMTS’ ability to operate in the normal course.

“However, EMTS and the EMTS Lenders have since decided not to proceed with these negotiations and to use a new brand.

“Accordingly, the rights granted to EMTS to use the Etisalat’s brand (and related IP rights) by EMTS Nigeria will terminate as of 21 July 2017.

“Should there be any material developments on this subject, a further announcement will be made in accordance with applicable Securities and Exchange rules and regulations.”

Section