Pan-African group Smile Telecoms Holdings has agreed a debt restructuring plan with its lenders.
The approved plan will see Smile receive a fresh injection of US$51m funding from its majority shareholder, Saudi Arabia’s Al Nahla Group. Additionally, the operator’s deadline for the repayment of its debts has been pushed back to end-March 2022.
Last week, we reported that South Africa’s Public Investment Corporation (PIC) was brokering a deal with Smile’s creditors in a bid to avoid its liquidation. The new agreement will allow the operating group to bolster its position in its markets, which include the Democratic Republic of the Congo, Nigeria, Tanzania and Uganda.