Business
UAE based Etisalat Group terminates rights granted EMTS, banks today
Final lap of severance of business relations between the United Arab Emirates (UAE)-based Etisalat Group will end today with the termination of all rights granted to the Emerging Markets Telecommunication Services (EMTS) Limited and EMTS lenders to use its Etisalat brand.
Already, the company had last week announced new name, 9Mobile and unveiled a logo this week ahead of today, Friday.
Details from a letter referenced: 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.”
The letter recalled that “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.
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“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.”
9Mobile during a recent press conference in Lagos said it is driving a fresh beginning, nothing that “Life begins at 9”.
According to the Chief Executive Officer, Mr. Boye Olusanya, “the company would continue to make more positive contributions to the telecommunications sector and deliver better value to customers”.
“The change in name has no bearing on the quality of service that you are going to get from this network. This is a continuation of our excellence. Our name has changed only to something that we believe will resonate more with our customers and stakeholders.
“In our nine years of operations, we have remained at the forefront of innovation and take pride in consistently delivering superior experiences to our subscribers. We continue to establish meaningful partnerships with our customers and partners by providing platforms that support their goals and aspirations,” Olusanya averred.
Another key point he disclosed even ahead of today’s final relationship severance with former parent body was that “all the services from the company are run, operated, managed and maintained by the same team that exists here today.”