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Johannesburg - MTN [JSE:MTN] said Nigerian regulators had waived a November 16 deadline to settle a $5.2bn (R74.8bn) fine for failing to disconnect unregistered customers and that negotiations between the two sides continue.
“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 Johannesburg-based company said in a statement on Monday.
“These discussions include matters of non-compliance and the remedial measures that may have to be adopted to address this.”
The Nigerian Communications Commission (NCC) imposed the penalty on MTN for failing to meet a deadline to disconnect 5.1 million unregistered subscribers.
The company’s shares have lost almost a quarter of their value since the fine was made public on October 26, while CEO Sifiso Dabengwa announced his resignation a week ago.
Chairperson Phuthuma Nhleko, 55, agreed to take over at MTN four years after ending a nine-year spell as CEO, during which the share price gained about 1 000%. He vowed to lead negotiations with the NCC and has met with the regulator, MTN said.
Late on Sunday, MTN denied a media report that the company had asked for a staggered payment plan for the fine.
