9Mobile's acquisition is taking longer than expected; the sale was arranged to be concluded before January 16 this year, but on the contrary, it's still being dragged. Few days ago, Smile mobile urged a review of the acquisition of 9mobile, but faulted the process in which Barclays Africa (the company in charge of the bidding process) announced Teleology Holdings as the preferred bidder, therefore calling for process review to ensure transparency.
Smile Telecom has stated its readiness to bring 9mobile back on track within just 90 days, but only if it was allowed to take management of the financially troubled company by aquisition. The Executive Director of Smile Telecom, stressed that 9Mobile deserved the best and should be sold to an existing telecoms company with the right technical expertise and financial strength to turn it around for the highly competitive market within a few months.
According to Smile Telecom, “The first value is that we are Nigerian company already existing in the Nigerian telecoms space. So, we will come up with our existing assets to boost the 9Mobile operations. We will seek the Nigerian Communications Commission (NCC’s) permission to flip our existing 800MHz frequency to 9Mobile to enhance its operations. What we are bringing to 9Mobile is huge.
“The second value that we will bring to 9Mobile is the monetary value. We will bring in fresh millions of dollars from foreign financing outside Nigeria, into 9Mobile to pay off its indebtedness to the banks and also pay off any other group that the company is indebted to and we will still have enough to invest in 9Mobile and make it competitive.
However, Barclays Africa is showing support by promising to “be in touch with Smile to discuss any updates on the transaction, to the extent considered necessary.”
Smile Telecom has stated its readiness to bring 9mobile back on track within just 90 days, but only if it was allowed to take management of the financially troubled company by aquisition. The Executive Director of Smile Telecom, stressed that 9Mobile deserved the best and should be sold to an existing telecoms company with the right technical expertise and financial strength to turn it around for the highly competitive market within a few months.
According to Smile Telecom, “The first value is that we are Nigerian company already existing in the Nigerian telecoms space. So, we will come up with our existing assets to boost the 9Mobile operations. We will seek the Nigerian Communications Commission (NCC’s) permission to flip our existing 800MHz frequency to 9Mobile to enhance its operations. What we are bringing to 9Mobile is huge.
“The second value that we will bring to 9Mobile is the monetary value. We will bring in fresh millions of dollars from foreign financing outside Nigeria, into 9Mobile to pay off its indebtedness to the banks and also pay off any other group that the company is indebted to and we will still have enough to invest in 9Mobile and make it competitive.
However, Barclays Africa is showing support by promising to “be in touch with Smile to discuss any updates on the transaction, to the extent considered necessary.”
0 Response to "Smile Telecom Claims They can Revive 9Mobile in Just 3 Months"
Post a Comment
What do you have to say about this post? Kindly drop your comment here!
Are you finding it difficult to comment? Please read: 3 Easy Steps To Comment on Techpaded
Note: only a member of this blog may post a comment.