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MTN GROUP LIMITED - Further update on the fine imposed on MTN Nigeria and renewal of cautionary announcement

Release Date: 24/02/2016 13:41
Code(s): MTN     PDF:  
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Further update on the fine imposed on MTN  Nigeria and renewal of cautionary announcement

MTN Group Limited
(Incorporated in the Republic of South Africa)
Registration Number 1994/009584/06
Share code: MTN
ISIN: ZAE000042164
("MTN Group" or the “Company”)


FURTHER UPDATE ON THE FINE IMPOSED ON MTN NIGERIA AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT

Shareholders were advised on 22 January 2016 that the above-mentioned matter came up for
hearing before the Federal High Court in Lagos, Nigeria when the judge adjourned the matter to 18
March 2016 in order to enable the parties to try and settle the matter.

Pursuant to the ongoing engagement with the Nigerian Authorities, MTN Nigeria has today made an
agreed without prejudice good faith payment of 50 Billion Naira (USD250 million) to the Federal
Government of Nigeria on the basis that this will be applied towards a settlement, where one is
eventually, hopefully arrived at. In an effort to achieve an amicable settlement, MTN has agreed to
withdraw the matter from the Federal High Court in Lagos.

Phuthuma Nhleko in his capacity as Executive Chairman of MTN Group and a director of MTN Nigeria
is continuing to lead the team engaging the Nigerian Authorities with a view to settling the matter.

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


Fairland
24 February 2016

Sponsor
Deutsche Securities (SA) Proprietary Limited

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