JSE

JOHANNESBURG, (CAJ News) – THE MTN Group’s woes emanating from its hefty fine in Nigeria have taken a new twist after the Johannesburg Stock Exchange suspended all trade of stock of the mobile network operator.

John Burke, Director Issuer Regulation at the JSE, confirmed the development.

“The JSE has halted all trading on MTN Group Limited. Trading will resume as soon as MTN Group Limited has issued a SENS announcement,” said Burke on Monday.

The development is said to emanate from the setback the company suffered last week after the Nigeria Communications Commission fined it a hefty N1,04 trillion (US$5,2 billion).

This followed MTN Nigeria’s reported failure to disconnect more than 5 million subscribers that had not registered in compliance with NCC directives.

– CAJ News