Teleology Holdings Limited, the preferred
bidder for Nigeria’s fourth largest telecom firm, 9mobile, has made a
non-refundable deposit of $50 million to the Trustee for the Nigerian bank
syndicate currently running the company.
In a statement on Thursday, the management of
Teleology Holdings said it was putting finishing touches on its acquisition of
9mobile (formerly Etisalat) ahead of the March 22 deadline set by the financial
advisers.
In the last few days, the company said, key
executives of the organisation had been deep in meetings with the Nigerian bank
syndicate, the regulatory authorities, and advisors. These meetings, it added,
had culminated in the signing of the Share Purchase Agreement (SPA) and other
contractual documents pertaining to the acquisition.
Adrian Wood, Teleology’s Director, said the $50
million payment underscores the firm’s financial capability and readiness to
revive the organisation.
“9mobile is transiting into a new phase that
will be defined by optimal value delivery: value to our employees, value to our
customers, value to local communities and indeed to all stakeholders,” said Mr.
Wood, who was the pioneer Managing Director of MTN Nigeria.
He added that the new organisation to emerge
would be “engineering led and brand driven.” In delivering service, “we will
strive to ensure that 9Mobile operations deliver fulfillment to our customers,
empowerment to local communities, protection to the vulnerable, and excellent
rewards not only to our shareholders but to all stakeholders.”
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