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 tomorrow.
In a letter with reference number HO/GCFO/152/105 which was addressed to the Director General of the Abu Dhabi Securities Exchange on Thursday, the Etisalat group said it becomes 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 signed by the Chief Financial Officer of Etisalat Group, Serkan Okandan, reads:
“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 organized 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.”
It will be recalled that the EMTS yesterday changed its brand name to 9 mobile at its brand unveiling event in Lagos.
Etisalat Group
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