Business MTN Shares Declines After FG Suspends Talks on $3.9bn Fine


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MTN Group Limited shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company.

The stock declined as much as 2.9 percent, the most since May 12, and traded 1.5 percent lower at 126.50 rand monday in Johannesburg, valuing the company at 233 billion rand ($15 billion). The shares have plunged almost 35 percent since the fine, originally set at $5.2 billion, was levied in October.

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“Any delays in finding a resolution for the MTN fine will play into trading and keep MTN’s share price suppressed,” Bloomberg quoted an analyst at Mergence Investment Managers, Peter Takaendesa to have said by phone from Cape Town on Monday.

“The big event to watch this week will be MTN’s annual general meeting, where the market might also get additional clarity.”

$3.9bn Fine: Nigeria Suspends Talks With MTN

The Nigerian government has suspended discussions with MTN over the US$3.9billion fine imposed on it's Nigerian subsidiary by the Nigeria Communications Commission, NCC.
 
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