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Lenders smile on Smile Telecoms with $51m injection


Lenders smile on Smile Telecoms with $51m injection
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3h | Alan Burkitt-Gray
Lenders to troubled African operator Smile Telecoms Holdings have agreed to reschedule its debts for a year.
At the same time the company, registered in Mauritius but with a head office in the UK, has had an injection of US$51 million to keep it going.
This morning the company said: “This debt restructuring plan sees an injection in fresh money funding from Smile’s majority shareholder, the Al Nahla, and rescheduling on debt repayment until post-March 2022.”
According to Al Nahla’s website, it was founded in Saudi Arabia in 1996. Its main areas of interest are in the automotive, real estate, trading and investment businesses. Investment activities include telecoms, the site confirms. ....

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