₦airaland Forum

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.

- See more at: http://www.tvcnews.tv/?q=article/trading-mtn-shares-suspended-after-52bn-nigerian-fine#sthash.IkObJBwI.q2RyNjHA.dpuf

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Great decision

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confused country and confused president. I mean your country.

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This 1 na big gobe 4 them o

ELTON123:
Just IN!!!!!!!!!!!Blackberry bold 2 for sale!!!!! It has
no back cover,half of the screen don break,some
buttons no de press...just bring 15,000 last

oga, u 4 go carry gun nah

MTN is going down b dat oh... End of impunity Era

Baba doesn't take. Shyte from no baggar mehn. Other companies will sit up as from now on. Gone are the days of man know man.

You see...