MTS RESOLVES IN-HOUSE CRISIS AND SEEKS TO SETTLE SHARE ALLOCATION DISPUTE
Nigeria's pioneer wireless operator, MTS, has resolved its squabbles and the directors one after the other spent the past week making reassuring speeches to employees of the firm. There was a peace meeting at which it was resolved that some management processes disrupted during the period of the crisis, should be completely restored while Richmond Aggrey, the embattled CEO, is mandated to reconstitute the management of the company within the next four months. A new Chief Finance Officer will be found and any allottee that is not satisfied with his or her shares is now free to sell the shares back to the company to be made available to new investors.
Firstel Ltd, the Special Purpose Vehicle for Nigerian investors in MTS First Wireless Ltd, in which some stakeholders have been complaining over share allocations, would no longer serve as the holder of the interest of Nigerian investors in the company. The Nigerian Group of investors will have its 22.52% of the shareholding distributed in their names, while MTS Inc., including all persons who have acquired shares through company, will retain its 44.1 % per cent.
The meeting stood by an earlier decision to dissolve the erstwhile management board of the company. Meanwhile there is a rev-up in the firm's drive as it strategizes to raise USD50million equity for service upgrade.