The Johannesburg Stock Exchange has suspended trading in MTN shares.
This was carried out by JSE on Monday morning and confirmed in a telephone interview between Fin24, an Naspers owned news service and Chris Maroleng, the executive for group corporate affairs at MTN Group.
According to the Stock Exchange, “The JSE has halted trading in MTN Group Limited shares pending an announcement from the company.”
MTN’s shares has been under pressure in the last week after it was confirmed that the company was fined $5.2bn by NCC for not deactivating up to five million unregistered SIMs.
Upon the announcement last week Monday, the share price fell by 8% and this has been exacerbated by unconfirmed reports by Vanguard Newspapers based in Nigeria that MTN has agreed to pay the fine.
Fin24 also reported that the JSE was also carrying out its own investigation on MTN.
According to Fin24, “The stock exchange said that it’s looking into how MTN made its SENS announcement last week Monday regarding the Nigerian fine. The JSE also said it’s looking into trades before the SENS announcement to determine if there was possible insider trading.”
This is a developing story…
