Spectrum Wireless Communication recently obtained court injunction to stop the sale of 9mobile, whose sale was at the verge of completion and this has pose fresh challenges for the telecoms company.
Industry stakeholder, 9mobile and United Capital Trustees Limited is the receiver-manager appointed by consortium of 13 banks, which lent $1.2 billion to former Etisalat – now 9mobile, were thrown into confusion last week for the stop of sale of 9mobile.
Spectrum Wireless Communication has allegedly invested over $35 million in the telecoms company and therefore prayed the court to stop the sale to enable those involved to rewrite the template for the payment of its investments in 9mobile before it could be sold to a new investor and the court granted its request by stopping the sale.
Although, United Capital Trustee Limited has appealed the case, and has vowed to continue the planned sale but it’s uncertain how far it can go, since it may be legally interpreted as contempt of the court.
See how the challenges started:
Position of Spectrum Wireless
Spectrum Wireless – one of the investor in Etisalat now 9mobile, said it had 17.5% shares in the former Etisalat that it demand return of its investment worth over $35 million before 9mobile can be sold.
This made Spectrum Wireless Communication to secure a federal high court to nullify CBN and stop the sale of 9mobile till every kobo of its investment is paid.
Telecom industry players who have been following the processes of planned sale of 9mobile was optimistic and hoping that 9mobile would bounce back to the telecom space stronger and better, after it must have been sold to a credible investor. But things went the other way, they are now worried and confused about the recent development.
ATCON President, Mr. Olusola Teniola, said Spectrum Wireless might have it reasons for seeking court injunction, but the best way to resolve the issue was for all the parties involved to come together and reach an amicable resolution.
Teniola blamed the Mubadala development company of Arab Emirates and Etisalat group for not handling the issue properly at the early stage. Although, he said he was happy as United Capital Trustees was ready to continue with the sale of 9mobile.
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