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Further update on the fine imposed by the Nigerian Communications Commission (NCC) and renewal of cautionary
MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1994/009584/06
ISIN: ZAE000042164
Share code: MTN
(“MTN” or the “Company”)
Further update on the fine imposed by the Nigerian Communications Commission (NCC) and
renewal of cautionary announcement
On 3 December 2015 shareholders were informed that MTN had received a formal letter dated
2 December 2015 from the NCC (the First Letter) informing the Company that, after considering
the Company’s request, it had taken the decision to reduce the fine imposed on the MTN
Nigerian business from the original N1,040,000,000,000 (One Trillion, Forty Billion Naira) (the
Original Fine) to 674 Billion Naira, which had 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. This was a reduction of 35% of the Original Fine.
Late on 3 December 2015, the day after receipt of the First Letter, the Company received a
further letter from the NCC dated 3 December 2015 (the Second Letter). The Second Letter,
which was stated to supersede the First Letter, informed the Company that the fine had
actually been reduced by 25% to 780 Billion Naira and not by 35% to 674 Billion Naira, as was
stated in the First Letter. The payment date remained 31 December 2015.
Neither the First Letter nor the Second Letter sets out any details on how the reduction was
determined.
The Company is carefully considering both the First Letter and the Second Letter, and the
Executive Chairman Phuthuma Nhleko will immediately and urgently re-engage with the
Nigerian Authorities before responding formally, as it is essential for the Company to follow due
process to ensure the best outcome for the Company, its stakeholders and the Nigerian
Authorities, and accordingly all factors having a bearing on the situation will be thoroughly and
carefully considered before the Company arrives at a final decision.
Shareholders are therefore advised to continue to exercise caution when dealing in the
Company’s securities until a further announcement is made.
Fairland
4 December 2015
Sponsor
Deutsche Securities (SA) Proprietary Limited
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