Trading in MTN shares suspended after $5.2bn Nigerian fine

Trading in MTN shares and affiliated stocks, has been halted on the Johannesburg Stock Exchange (JSE) after the stock fell by as much as 8% following a huge fine imposed by Nigerian regulators.
MTN's shares had fallen more than 25% since the $5.2bn (£2.7bn) fine was announced last week by the Nigerian Communications Commission (NCC) last week.
NCC imposed the fine on Africa's biggest mobile phone company for failure to cut off millions of users with unregistered SIM cards.
It gave MTN just two weeks to pay the fine.
Chris Maroleng, the executive for group corporate affairs at MTN Group, confirmed that trading in the company's shares had been suspended.
"We take note of the JSE's decision to suspend MTN's shares," he said.
The JSE, said trading in MTN shares was halted pending an announcement from the company.
"The JSE has halted trading in MTN Group Limited shares pending an announcement from the company," said the stock exchange.
The JSE on Friday also launched an investigation into the timing of the MTN's announcement of the fine.
Under South African capital markets rules, companies are required to immediately warn shareholders of any materially price-sensitive information.

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