PIC and Saudis in last ditch talks to rescue telecom operator Smile
Lenders including a group of African banks could suffer losses on the bulk of about $250m in loans to Africa-focused Smile Telecoms
24 March 2021 - 19:48
The Public Investment Corporation (PIC) and Saudi Arabian investors are in last ditch talks to avoid a potential liquidation of Africa-focused telecommunications operator Smile Telecoms Holdings.
PIC, which owns a minority stake and is a creditor to Smile, must reach an agreement by the end of Wednesday over an outstanding put option with the Al Nahla group, the largest shareholder, according to people familiar with the matter...
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