As negotiations continue on the fine imposed on MTN by the Nigerian Communications Commission, NCC, the company has advised their shareholders in South Africa to continue exercising caution when dealing in the company’s securities until a further announcement is made.

The company imformed the shareholders that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded.

The statement released by the company reads: “Although the NCC set a deadline for payment of the fine by Monday, 16 November 2015, shareholders are advised that the Nigerian authorities have, without prejudice, agreed that the imposed fine will not be payable until the negotiations have been concluded.”

The statement reads further: “Shareholders are advised that the Executive Chairman of the Company, Mr. Phuthuma Nhleko, has personally met with the Nigerian authorities to continue the ongoing discussions with them regarding the fine of N200,000 for each unregistered subscriber (the fine), the equivalent of $5.2 billion imposed on MTN Nigeria by the Nigerian Communications Commission (NCC). These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.
Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made.”

It concluded that “MTN is committed to resolving the matter together with the NCC as soon as possible and will continue to update stakeholders of any material developments regarding the afore-mentioned fine via SENS.”