MTN Group’s Woes Escalate
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Tags: Johannesburg Securities Exchange, MTN, MTN Johannesburg
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Mobile network MTN resumed trading on the Johannesburg Stock Exchange (JSE) on Monday afternoon after trade in its shares were suspended in the morning.
MTN’s share price tumbled by around 8% on Monday morning amid a report in Nigeria’s Vanguard that said the company had agreed to pay a $5.2bn fine for failing to disconnect five million unregistered subscribers.
Amid the report, the JSE suspended trading in the mobile network’s shares on Monday morning. From 10:34 to 13:54 trading on MTN shares registered no activity.
But after 13:54 on Monday, trade activity on MTN shares started again after the company issued a statement to shareholders urging them to exercise caution.
At 13:54, MTN’s share price was trading at R149.72 and at 14:16 it moved to R149.19.
The JSE further confirmed that MTN was trading again in a statement.
“After the company’s announcement released on SENS at 13:33, trading in the company’s shares will resume with a ten minute re-opening auction at 13:40,” said the JSE.
By Gareth Van Zyl
