Yuuzoo Corp says Etisalat Nigeria problem has no impact on prospect

Yuuzoo Corp says Etisalat Nigeria problem has no impact on prospect

Yuuzoo Corporation said its prospect will not be affected by the restructuring of Etisalat Nigeria.

The company said there is no reason to expect any negative consequences on Yuuzoo’s cooperation with Etisalat Nigeria.

It would be recalled that Etisalat Nigeria entered troubled waters after it was unable to meet up with the repayment of its USD1.2 billion debt it owed a consortium of 13 local banks and other international lenders. Mubadala Development Company PSJC, a 45% shareholder and Etisalat Group of UAE with 40% stake in the company have since exited their stake after debt negotiation broke down.

A new management has since been appointed for the company. There are however unconfirmed but plausible rumours that Dangote Industries must have acquired 60% stake in Etisalat Nigeria.

YuuZoo Corporation Limited is an investment holding company, engages in social networking, e-commerce, payments, and gaming businesses in Singapore and internationally. It operates through two segments, Network Development and Franchise Sales; and E-Commerce. The Network Development and Franchise Sales segment is primarily involved in building mobile-optimized device agnostic that targets social e-commerce networks for businesses and consumers. This segment also sells franchise and marketing rights.

The E-Commerce segment provides a range of services for online mobile transactions, including payment processing, advertising, mobile social games, and other online transactions. The company also offers YuuPay, a payment solution for online merchants or retailers; and YuuWallet, an electronic wallet.

In addition, it provides data processing, hosting, and related services, as well as network development services; and advertising, and business and management consultancy services. YuuZoo Corporation Limited is headquartered in Singapore.