Rob Shuter’s announcement that he will not seek to extend his contract as MTN Group CEO a year before it ends will allow the board enough time to pick a suitable candidate.
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MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.
MTN Nigeria, MTN Group’s largest operating subsidiary, turned in a robust performance in the 2019 financial year, with mobile subscribers rising by 6.1 million to 64.3 million and profit before tax up by 31.1%.
MTN has pledged to invest $1.6-billion (R23.4-billion) to expand its operations in Nigeria after settling the latest major dispute with authorities in its most profitable market.
MTN Nigeria Communications surged by 10% in Lagos on Monday, the most allowed by the exchange and matching the biggest gain since its May market debut.
In some rare good news for MTN Group, Nigeria’s attorney-general has withdrawn a $2-billion (R28.5-billion) tax demand against its subsidiary in the West African nation.
MTN has opted over the years to enter parts of the world seen as too risky by many other carriers. That’s left it vulnerable to legal entanglements, unpredictable politics and regulatory crackdowns.
MTN Group is in advanced talks to sell stakes in tower assets in Ghana and Uganda worth as much as R8-billion as Africa’s largest wireless carrier looks to accelerate a broader disposal plan.
MTN Group shares fell in Johannesburg on Wednesday after it said subscribers in its key Nigerian unit grew by only 0.1% in the quarter ended 30 September and capital expenditure rose.
Nigerian regulators have warned they may have to take action to boost competition in the telecommunications industry, a move that could affect international operators including market leader MTN Group.