MTN Group and Shoprite are among South African firms facing a backlash to xenophobic violence in their home country.
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MTN Nigeria has published strong maiden results as a listed company, with operating margins expanding significantly on the back of good service revenue growth.
MTN Group said on Wednesday that its Nigerian subsidiary has received approval to list on the premium board of the Nigerian Stock Exchange.
MTN Group CEO Rob Shuter was paid R42.9-million in the financial year ended 31 December 2018, up from R40.6-million in 2017, while other top executives were also handsomely rewarded.
MTN Group plans to push ahead with an initial public offering of its Nigeria unit in April or May once Africa’s biggest wireless carrier resolves a $2-billion tax dispute in the country.
MTN Group CEO Rob Shuter has been granted more than R38-million in shares under the telecommunications operator’s performance share plan. The shares will vest in three years’ time.
MTN’s interim group executive chairman, Phuthuma Nhleko, took home more than R72m in the 2016 financial year, during which time he acted as CEO and as chairman of the crisis-hit emerging markets telecommunications
MTN Group, responding in detail to allegations that the wireless carrier illegally moved more than US$14bn out of Nigeria, said central bank approvals were obtained before any dividends were issued. “No dividends were declared
MTN Group shares slumped to a six-year low after a Nigerian senator claimed the wireless carrier may have illegally moved more than the previously estimated US$14bn out of the country, citing early findings
MTN has hit back at allegations emanating from Nigeria’s senate that it illegally moved almost US$14bn (about R188bn) out of the West African country. The company is accused of repatriating the funds over 10