All forms of trading in MTN shares and affiliated stocks, has been halted on the Johannesburg Stock Exchange (JSE) pending an announcement over a $5.2 billion Nigerian fine.
The company's bonds dropped for a third day, driving yields to a record.
Chris Maroleng, MTN group executive for Corporate Affairs confirmed the news but would not issue further comments.
MTN was fined last week by Nigerian regulator for failure to cut off unregistered users.
MTN is Africa’s biggest phone operator, and derives its largest (a third) earnings from Nigeria.
It has 5.1 million unregistered or incomplete subscribers in Nigeria.
MTN failed to convince the Nigerian Communications Commission (NCC) to lower its penalty for failing to comply with an order to disconnect customers with unregistered phone cards,.
$5.2Bn Fine: Trading in MTN Shares Suspended in S/Africa
Comms Week2 Nov 20150 Comments
All forms of trading in MTN shares and affiliated stocks, has been halted on the Johannesburg Stock Exchange (JSE) pending an announcement over a $5.2 billion Nigerian fine. The company's bonds…
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Comms Week
Trained and practicing journalist passionate about telecommunications, fintech, cybersecurity, and digital economy reporting.
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