MTN to list on Nigerian Stock Exchange

MTN to list on Nigerian Stock ExchangeThe Executive Chairman of MTN Group, South Africa, Phuthuma Nhleko, said the company may list its Nigerian unit on the Nigerian Stock Exchange.
Nhleko said on Thursday in Johannesburg that the listing would take place in Lagos once the company resolved a disputed $3.9 billion fine with the Nigerian government.
He said the company had set aside $9.3 billion rand (about $600 million) to cover a potential settlement of the fine imposed in 2015.
The fine was imposed by the Nigerian government when it was discovered that MTN failed to cut off unregistered SIM card users on its network.
Nhleko disclosed that headline earnings per share came in at 746 cents in the year, which ended in December 2015, compared with 1,536 cents in the previous year.
Headline EPS is the main profit measure in South Africa that strips out certain one-off items.
The company raised its annual dividend by 5.2 per cent to 1,310 cents per share.
Reuters/NAN.