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 Etisalat Group’s Chief Financial Officer, Serkan Okandan, 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.”
EMTS on Wednesday unveiled its brand name 9Mobile and logo in Lagos, the commercial nerve of Nigeria. SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>