Econet said to seek U.K. listing with about $8bn value

Econet, African telecommunications group is considering selling shares on the London Stock Exchange at a valuation of about $8 billion next year after combining new and existing assets, according to people familiar with the matter. According to Bloomberg’s report, that valuation would be based on an enlarged company, partly forged through the acquisition of additional […]

South Africa mobile operator MTN to swing back into profit

MTN expects to swing back into profit in the first half of its financial year after a 330 billion naira ($1.1 billion) fine paid in the previous reporting period weighed on margins, the company said on Thursday. Africa’s biggest wireless network group expects headline earnings per share (HEPS) to be between 210 cents and 230 […]

Etisalat’s Q2 net profit up 6%, subscriber base up 2%

United Arab Emirates-based telecoms operator Etisalat said on Wednesday it posted a 6 percent increase in second-quarter profit from a year earlier, according to Reuters’ report. Etisalat, which recently pulled out of Nigeria, made a net profit of 2.2 billion dirhams ($600 million) in the three months to June 30, it said in a statement. […]

9mobile, formerly Etisalat Nigeria, appoints advisers ahead of sale

Boye Olusanya, 9mobile's Chief Executive

9mobile, formerly Etisalat Nigeria, has appointed advisers to manage the process of attracting investors to take over the telecoms company and has seen strong interest, the central bank governor said on Tuesday. The central bank and telecoms industry regulator intervened this month to save Nigeria’s fourth-largest mobile operator from collapse and prevent creditors putting it […]

Etisalat gives timeline on resolution of debts to banks, restructuring

The new management team at Etisalat Nigeria has given a timeline of between three to six months to resolve the lingering multi-million-dollar debt the telecoms company owed 13 Nigerian banks and restructure the firm under new owners. This is the latest in a series of efforts by Nigerian shareholders of Etisalat to save the company […]

Joseph Nnanna named new chairman of Etisalat Nigeria

The Deputy Governor of CBN on Financial System Stability was announced the new chairman of Etisalat Nigeria in a press release by the company Tuesday, July 4. “Etisalat Nigeria today confirms that as a result of the on-going restructuring efforts, a new board has been constituted. It comprises of Joseph Nnanna – Chairman, Oluseyi Bickersteth, Ken […]

Abu Dhabi’s Mubadala fund pulls out of Etisalat Nigeria

Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday. It gave no details on what it meant by “pulled out” but said it had intervened in […]