MTN shares dropped last week after Nigeria Communication Commission (NCC) has imposed a fine of N1.04 trillion on the company. The company’s shares closed at 167 Rand which was 12.49% lower than it has closed for many years.
NCC has given the company until 16th November to pay the fine. Last week, the company has issued a statement saying that it is discussing the matter with NCC. But the company has finally succumbed to pressure and accepted to pay the fine.
Back home in South Africa, MTN is facing another difficult situation as the South African bourse has suspended trading in the company’s shares just a week after NCC fined MTN.
According to Peter Redman of the surveillance department, the suspension of trading in MTN has been publicized in the trading platform.