MTN: 8,328 -177 (-2.08%)
MTN shares rise after Nigeria says reviewing information to resolve $8.1 bln dispute
JOHANNESBURG, Sept 20 (Reuters) - Shares in South Africa's
MTN rose 5 percent on Thursday, after Nigeria's central
bank said on Wednesday that it was reviewing information
provided by the telecoms firm and four banks over a dispute on
the repatriation of dividends.
"The statement suggests there are some talks going on and
the market welcomed the less harsh tone by the Nigerian central
bank," said Ruhan Du Plessis, telecoms analyst at Avior Capital
"It is looking more likely that MTN will not have to pay
back the for amount after all as the market feared. The market
has welcomed the progress."
The central bank on Aug. 29 said it had ordered MTN and the
four banks to bring $8.1 billion back into Nigeria that it
alleged the telecoms firm sent abroad in breach of foreign
(Reporting by Patricia Aruo
Editing by James Macharia)
First Published: 2018-09-20 11:08:01
Updated 2018-09-20 11:24:18
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.