MOBILE TEL NETWORKS HLDGS (PTY) LIMITED - The Nigerian Communications Commission (NCC) reduces imposed fine to US$3.4 billion equivalent and further cautionar

The Nigerian Communications Commission (NCC) reduces imposed fine to US$3.4 billion equivalent and further cautionar

MOBILE TELEPHONE NETWORKS HOLDINGS PROPRIETARY LIMITED
Incorporated in the Republic of South Africa
(Registration number 1993/001411/07)
Instrument Code: MTN04 ISIN: ZAG000078619
(“MTNH”) or (“the Company”)

The Nigerian Communications Commission (NCC) reduces imposed fine to
US$3.4 billion equivalent and further cautionary announcement

Noteholders are advised that, after further engagements with the
Nigerian Authorities, the NCC has reduced the fine imposed on MTN Group
Limited (“MTN Group” or “the Group”).

MTN Group received a formal letter dated 2 December 2015 from the NCC
informing the Group that, after considering MTN Group’s request, it has
taken the decision to reduce the fine on the MTN Nigerian business from
the original N1,040,000,000,000 (One Trillion, Forty Billion Naira) to
N674 Billion Naira which has to be paid by 31 December 2015. The fine
relates to the late disconnecting of 5.1 million MTN Nigerian
subscribers in August and September 2015.

The MTN Group is carefully considering the NCC’s reply, however the
Executive Chairman Phuthuma Nhleko will immediately and urgently re-
engage with the Nigerian Authorities before responding formally, as it
is essential for the Group to follow due process to ensure the best
outcome for the Group, its stakeholders and the Nigerian Authorities and
accordingly all factors having a bearing on the situation will be
thoroughly and carefully considered before the Group arrives at a final
decision.

Noteholders are therefore advised to continue to exercise caution when
dealing in MTNH’s securities until a further announcement is made.


Fairland
3 December 2015

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 03/12/2015 10:11:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.