Shareholders Approve Intercellular Deal in Nigeria

Mergers, Acquisitions and Financial Results

Shareholders of Intercellular Nigeria Plc have approved a 70 per cent majority acquisition stake from Sudatel, Sudan's incumbent operator. The shareholders according to a statement made available to THISDAY gave the approval after an Extra Ordinary General Meeting of the shareholders in Abuja.

The approval of the deal will thus provide Intercellular with the much needed lifeline of about US$500 million dollars to implement its national network deployment as a Unified Access Service License Operator over the next five years.

Company Managing Director/CEO, Arvid Knutsen described the agreement as "ground breaking" and commended all stakeholders for the patience and understanding. "I am particularly excited at the conclusion of agreements. The process has been long and sometimes stressful, but at the end everyone is happy. We believe that this deal holds a fresh start for the company and that it portends the right prospect for a new competitive company." The CEO contended that the drive to reclaim the initiative as a leading market player will not be easy but given the right attitude and commitment all goals are realizable.

Vice Chairman/Corporate Adviser of Intercellular, Bashir Ahmad el-Rufai is optimistic that the Intercellular-Sudatel agreement would re-position Intercellular as a formidable brand that was once the pride of its darling customers. He acknowledged the difficult path the company has walked and reflected that "it is not so much about where we are coming from, but where we are going."

"We seek a renewed commitment and right attitude among all stakeholders toward the growth of the company as a leading telecommunications brand of first choice. They (Sudatel) are not only providing the necessary financial support, they are professional operators who understand the business and that is quite unique in the decision by the Management through the Board to the shareholders to go with them ((Sudatel)," the former CEO remarked.

This Day