Nigeria is preparing rules that will allow wireless carriers to transfer cash, softening a previous policy that protected the turf of banks in Africa’s most populous country.
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MTN Group executives may have expected investors to cut them a little slack after they got potential liabilities of $8.1-billion in Nigeria reduced to $53-million last month. Not so.
Plans to build a superfast submarine broadband cable connecting South Africa and countries in the Middle East, South-Central Asia and Europe, are forging ahead, according to reports.
Eight MTN Group executives netted over 1.3 million shares in the telecommunications giant, valued at R116.9-million at the market price when they were issued at the end of December.
Communications regulator Icasa will hold public hearings later this month to determine what its role should be in regulating cybersecurity in South Africa.
South African stocks climbed 0.6% in the final session of 2018, paring losses for a year that’s still the market’s worst since 2008.
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.
Shares in MTN Group rose as much as 8.2% on Thursday morning after the JSE-listed telecommunications operator said it had reached a favourable settlement with Nigeria’s central bank.
Christmas has come early for MTN Group. The telecommunications operator’s shares are likely to soar when markets reopen on Thursday in Johannesburg after it announced it has settled a multibillion-dollar dispute in Nigeria.
The labour court has issued an order, with the consent of ex-Vodacom exployees, to enforce their restraints of trade after reports emerged in November that they were working with rival MTN South Africa.