26 October 2015 - $5.2 Billion Fine imposed
Reports emerge of a $5.2 billion fine for MTN by the Nigerian Communications Commission.
26 October 2015 – MTN Shares Tumble
MTN Confirms massive Nigerian fine, shares tumble 8%
28 October 2015 – R50 Billion Lost in market value
MTN is in discussion with Nigerian authorities to reduce its
$5.2 billion fine. Share losses wipe R50 Billion in market value for MTN on the
JSE
28 October 2015 – MTN Nigerian Management Review
MTN says it will review the management of its Nigerian
business unit as shares sink 19%
28 October 2015 – Commodity Revenues
MTN fine casts shadow on Nigerian government struggle with
lower revenues from oil and foreign currency controls
30 October 2015 – MTN Downgrade
Ratings agency standard & Poor’s (S&P) has downgraded
MTN from rom “BBB” and “zaAA+” to “BBB-” and “zaAA-”. The agency says that MTN
operations in Nigeria, Ghana, Sudan, Syria, and Afghanistan are “high risk”
30 October 2015 – MTN CEO
MTN confirms group CEO Sifiso Dabengwa is in talks with
Nigerian authorities over $5.2 billion fine deadline of November 16
30 October 2015 – MTN and JSE
The JSE announces an investigation into MTN for possible insider
trading following the operator announcement of the massive Nigerian fine.
30 October 2015 – MTN and JSE Shares
MTN shares on the JSE wobble as investors digest the news of
the investigation into the operator. MTN shares have reduced the company market
value by R60 billion.
01 November 2015 – MTN Market value reduced
MTN’s Market value reduced to R292 billion from R350 billion as investors offload 90
million shares over the Nigerian fine
02 November 2015 – MTN Share trading halted
The JSE halts trading in MTN Shares on Monday morning “The JSE
halts trading on MTN group Limited. Trading will resume as soon as MTN Group Limited
has issue a SENS announcement”
02 November 2015 – MTN Share trading Resumes
After 13:54 on Monday, trade activity on MTN started again after
the company issued a Statement to Shareholders urging them to Exercise Caution.
