Smile Telecoms’ debt restructuring plan gets the nod from investors
Pan-African telecommunications Group Smile Telecoms Holdings Ltd., with operations in Nigeria, Uganda, Tanzania, and the Democratic Republic of the Congo, has confirmed that its restructuring plan has been approved and agreed with lenders.
According to the telco this debt restructuring plan sees an injection in fresh money funding of US$51-million from Smile's majority shareholder, the Al Nahla, and rescheduling on debt repayment until post-March 2022.
Smile Telecoms says the funding will enhance its position in its respective markets “and energise Smile's operations and support efforts towards achieving better performance.”
In February this year former trade unionist and businesswoman Irene Charnley announced her retirement from her position as Deputy Chairman on the board of directors of Smile Telecoms.
The Mauritius-based company several changes to its leadership following a board meeting held on 15 January 2021.
Charnley and Mohammed Wajih Sharbatly have both retired from the company, effective 1 January 2021.
Sharbatly, a co-founder of Smile, served as Co-Chairman of the Group through December 2020.
Charnley made headlines in June 2020 after South Africa’s United Democratic Movement (UDM) leader Bantu Holomisa raised concern over her appointment to the interim board of the Public Investment Corporation (PIC).