Pond Island:--- The TelEm Group of Companies is pleased to announce that a significant agreement has been reached and signed between Israeli company MER and the TelEm Group of Companies, clearing the way for the premier telecommunications provider to continue with its transformation plans and return to a position of profitability.
The agreement, signed by both parties on Friday, September 29, 2024, represents a positive step forward and reflects the commitment of both parties to resolve outstanding issues.
The agreement has the approval of TelEm Group's lenders and marks a collaborative effort to find a mutually beneficial resolution to an ongoing dispute and arbitration result.
TelEm Group’s executive management says details of the agreement has been communicated to their supervisory board and shareholder both of whom are fully in support of the settlement agreement and the company’s continued move forward.
