Etisalat pulls out of Nigeria, gives 3-week ultimatum for a name change
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Telecoms group Etisalat has terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday.
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Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.
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Etisalat, with a 45 percent stake in the Nigerian business, said in June it had been ordered to transfer its shares to a loan trustee after the talks had failed.
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CEO of Etisalat International Hatem Dowidar said all UAE shareholders of Etisalat Nigeria, including state-owned investment fund Mubadala, had exited the company and left the board and management.
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He said in an interview with Reuters discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it could continue to use the brand for another three-weeks before phasing it out.
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