More pain as S&P downgrades MTN long-term credit rating to junk
S&P Global has lowered MTN’s long-term credit rating, sparking more challenges for the mobile network in the West African country.
S&P Global has lowered MTN’s long-term credit rating, sparking more challenges for the mobile network in the West African country.
MTN named Vodafone European cluster head Rob Shuter as its new chief executive on Monday, ending a near eight-month hunt for a boss.
MTN will take immediate steps to list shares in Nigeria as part of a deal to settle a dispute over unregistered SIM cards and will also issue an apology.
Phuthuma Nhleko, who returned to lead MTN’s negotiations over a record $3.9 billion fine in Nigeria, is moving forward with plans to step down next month, says a person familiar with the matter.
MTN says it will cut the full-year dividend to a minimum of R7 this year due to uncertainty surrounding the payment of a record $3.9 billion fine in Nigeria.
Mobile phone operator MTN withdrew its lawsuit against Nigeria’s regulator over a $3.9 billion fine and paid $250 million towards a possible settlement.
Shares in mobile network MTN slid around 13% on Friday morning after the company forecast a 2015 earnings drop of at least 20%.
The local units of MTN and Orange owe Cameroon nearly $166 million in taxes, including on games, says the country’s corruption board.
South African telecoms group MTN said Tuesday its Nigerian business is likely to report about $955 million in annual profit after tax.
An MTN spokesperson has confirmed to Fin24 that the mobile network’s shares on the Johannesburg Stock Exchange (JSE) have been suspended on Monday morning.