MTN in deep trouble, shares suspended in South Africa

MTN in deep trouble, shares suspended in South Africa

The fallout from the Nigerian Communications Commission’s hefty N1.4tn ($5.2bn) fine continues to take its toll.

News reaching www.staging.sabinews.com indicates that MTN’s shares have been suspended from trading on the Johannesburg stock exchange in South Africa.

MTN-LOGO

A news report from BBC details the suspension:

“Trading in MTN Group was halted in Johannesburg after the stock fell by as much as 8%.

Its shares had fallen more than 25% since the $5.2bn (£2.7bn) fine was announced last week.

The Nigerian Communications Commission (NCC)

 

 

 

 

imposed the penalty for failure to cut off unregistered users.

It gave MTN just two weeks to pay the fine.

Chief executive Sifiso Dabengwa, who used to run the company’s Nigerian operations, is understood to have flown to Abuja in a bid to negotiate a lower penalty.

Negotiations were continuing between the Nigerian authorities and the company on Monday, Reuters reported.

Nigeria is MTN’s biggest market, with 28.5 million subscribers, followed by Iran and South Africa.

The Johannesburg Stock Exchange said that trading in MTN shares was halted pending an announcement from the company.”

Read more

 

We think you'd love these too...

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *