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LequteMan
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The shares of African telecoms giant, MTN, has risen after the firm agreed to pay a fine meted out to it by the Nigerian Communications Commission, NCC.
MTN's shares had fallen following NCC's imposition of a $5.2bn fine on it in October 2015 for failing to disconnect unregistered lines.
However the firm's shares rose on Friday following its agreement to pay the fine, which has been slashed to $1.67bn, to the Nigerian government over a period of 3 years. As at 1.05pm on Friday, MTN’s shares were up 14% to R141 (R1 = N13).
"MTN Nigeria has agreed to pay a total cash amount of 330-billion naira over three years (the equivalent of $1.671bn at the official exchange rate and $902m at the Lagos parallel market rate) to the government in full and final settlement of the matter," MTN confirmed in a statement.
MTN's shares had fallen following NCC's imposition of a $5.2bn fine on it in October 2015 for failing to disconnect unregistered lines.
However the firm's shares rose on Friday following its agreement to pay the fine, which has been slashed to $1.67bn, to the Nigerian government over a period of 3 years. As at 1.05pm on Friday, MTN’s shares were up 14% to R141 (R1 = N13).
"MTN Nigeria has agreed to pay a total cash amount of 330-billion naira over three years (the equivalent of $1.671bn at the official exchange rate and $902m at the Lagos parallel market rate) to the government in full and final settlement of the matter," MTN confirmed in a statement.
