MTN’s shares rise as it seeks out of court settlement with Nigerian authorities
Telecommunications group MTN’s share price on the JSE rose by 9.27% on Friday after it announced that a Nigerian Federal High Court judge had adjourned proceedings to allow MTN and the Nigerian Communications Commission (NCC) to try to settle the matter.
In October last year, the NCC imposed a $5.2-billion fine on MTN Nigeria for failing to disconnect users of unregistered SIM cards. It later reduced the fine to $3.4-billion.
MTN in December decided to challenge the fine in the High Court in Lagos, arguing that the imposition of the fine and the quantum thereof was not in accordance with the NCC’s powers.
The case had been adjourned to March 18. Should the parties not reach a settlement, the matter would proceed in court on that day.
MTN’s shares rose to R123.06 apiece on Friday afternoon, compared with Thursday’s close of R112.62 a share.
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