Teleology announces acquisition of 99.99% equity of 9mobile
The coast appears clearer now for the final take-over of 9mobile by Teleology as the company has completed 99.99% equity stake consisting of 89.999.999 ordinary shares of N1 each in 9mobile.
In a statement jointly signed Monday by its Financial Advertiser, Pac Capital, an Investment Banking & Advisory and Legal Advisers, Jackson, Etti & Edu, the objective of the acquisition is to reposition the telecommunication company as well as optimize its value creation potentials towards serving the Nigerian public better.
According to them, some of the future plans that would distinguish Teleology amongst its competitors include: speedy connectivity, exceptional service delivery, good customer services amongst others.
In their words: “Teleology Nigeria Limited has announced the completion of the acquisition of 99.99% equity stake in Emerging Markets Telecommunication Services Limited (EMTS) consisting of 89,999,999 ordinary shares of N1 each in 9mobile”
“The objective of the acquisition is to reposition the EMTS and optimize its value creation potentials towards the development of the Nigerian telecommunication industry. Future plans include: speedy connectivity, exceptional service delivery amongst others”
They, however, pointed out that the transaction for the acquisition of 9mobile by Teleology was completed on November 12, 2018, stressing that the announcement had been made in accordance with the rules and regulations of the Securities and Exchange Commission (SEC).
Recall that Teleology puts finishing touches to its acquisition of 9mobile, Nigeria’s 4th telecom services provider ahead of the March 22, 2018 deadline set by the Financial Advisers.
Teleology also transferred a non-refundable completion deposit of US$50 million to the Trustee for the bank syndicate which was holding the ownership of 9mobile. This payment underscores Teleology’s financial capability and readiness to revive the organization.
According to Adrian Wood, Teleology’s Director and pioneer Managing Director of MTN Nigeria, “9mobile is transiting into a new phase that will be defined by optimal value delivery: value to our employees, value to our customers, value to local communities and indeed to all stakeholders.”
He added that the new organization would be “engineering led and brand driven.” In delivering service, “we will strive to ensure that 9mobile operations deliver fulfillment to our customers, empowerment to local communities, protection to the vulnerable and excellent rewards not only to our shareholders but to all stakeholders.
Mr. Wood added that Teleology has set out a 10-point plan that aggregates its mission and how it intends to turn the 9mobile organization around.
It plans to double the 9mobile network with new 3G/4G specific cell sites as well as several thousands of kilometers of fiber optic cable across the country. It will drive special program of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 Local Government Areas.
Teleology, he added, envisages an increase of 50% in direct employment in the new 9mobile. There is also an active plan to introduce within the first year, several million 4G-capable premium quality smartphones, at exceedingly affordable pricing.
Teleology is the fourth biggest telecoms brand in Nigeria with over 9 million subscriber base, but it has a lot of work to do if it’s must catch up with competition like MTN which has over 40million subscribers, Airtel with 26million users or Glo with 25million subscriber base.
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