Smile Telecoms Holding, a Pan-African telecommunications group with operations in Nigeria, Uganda, Tanzania, and the Democratic Republic of the Congo, on March 30th 2021 had its Restructuring Plan approved by the English courts and agreed amongst its Lenders.
The new restructuring tool recently made available in the UK helps facilitate the injection of new money by way of a debt restructuring into Smile.
A close source to the transaction affirmed that Smile is the first non-European company to achieve such feat.
According to a very reliable source the restructuring plan that also regulates how the new funds will be injected should have closed on March 19th.
This did not happen on that date, as Public Investment Corporation (PIC), the pension fund for South African ( a shareholder and Lender) elected not to support the Restructuring Plan and put the interest of the Smile, other 5 Lenders and other shareholders at risk and was after the negative publicity that some media circulated thinking wrongly it was the end road for Smile.
The Shareholders of Smile and namely Alnahal the major shareholder mitigated this risk and did the necessary to get the Restructuring Plan approved on March 30,2021.
TechEconomy.ng had reported significant changes in the leadership of the Group’s board and management after its board meeting held on January 15th, 2021,
The Group announced the retirement of Ms. Irene Charnley and Mr. Mohammed Wajih Sharbatly from the Group’s Board and all boards of the operating companies, effective January 1st 2021.
Ms. Irene Charnley, the Founder has retired as Deputy Chairman from the Smile Telecoms Limited Board.
Mr. Mohammad Wajih Sharbatly is a Co- Founder of Smile and has acted as Co-Chairman of the Group through December 2020.