Emirates Telecommunications Group Co
* Says group terminates management and technical supports with EMTS Nigeria with effect from June 30
* Says termination of agreements governing use of Etisalat’s brand deferred to July 21, 2017
* Says engaged with EMTS, currently negotiating new agreement for technical services, strategic procurement support, use of Etisalat brand
* “Agreements are still under discussion between parties”
* Says legal process yet to complete in Nigeria on transfer of Emts Holding BV’s shares in EMTS to United Capital Trustees
Further to announcement dated 20 June 2017, Emirates Telecommunications Group Company PJSC ”Etisalat Group” has terminated the existing management and technical support related agreements with Emerging Markets Telecommunication Service Limited ”EMTS”. (”The Company”) with effect from June 30 2017,( Termination Date).
The Termination of the agreement governing the use of Etisalat’s brand (including its trademarks) has been deferred to June 21 2017. Etisalat Group has engaged with the company and is currently in the process of negotiating new agreements for technical services, strategic procurement support and the use of Etisalat brand (including its trademark). These agreements are still under discussion with the parties.
It is for this reason that Etisalat Group has deferred the termination of the existing trademark agreement at this time, thus allowing the parties an opportunity to enter into a new interim trademark agreement without adversely impacting the Company’s ability to operate in the normal course.
With the regard to the transfer of EMTS Holding BV’d (EMTS BV) shares in The Company to United Capital Trustees Limited ( the ”Security Trustee” of the EMTS Lenders), the security Trustee has yet to complete the legal process in Nigeria.