South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off.
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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.
Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Group CEO Rob Shuter will step down from his role at the end of his fixed four-year contract in March 2021, he announced in a conference call on Wednesday morning.
All eyes are on MTN South Africa and Telkom, which have failed to reach an agreement with the Competition Commission to lower data prices within the specified deadline.
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.
Police have arrested five suspects belonging to one of South Africa’s largest battery theft syndicates, mobile operator Vodacom said on Thursday.
MTN South Africa said on Wednesday that inroads are being made in the fight against battery theft at its base stations and that police are making progress in shutting down the syndicates behind the scourge.
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%.
Though there is “significant doubt” over Cell C’s ability to continue as a going concern, the mobile operator’s biggest shareholder, Blue Label Telecoms, said on Friday that “management believes it is more likely than not” that the company will survive.