Phuthuma Nhleko, the man who led MTN Group on an acquisition spree that turned the telecommunications operator into an emerging-markets giant, has stepped down from its board of directors.
MTN Group’s biggest shareholder is pushing for changes at Africa’s largest mobile phone company to avoid the regulatory, legal and political disputes that have cut its share price by more than half over the past four years.
Between 6 March, the day before MTN announced its results for the year to December, and 9 May, when it published a first-quarter trading update, its share price has increased by 36%.
Former deputy finance minister Mcebisi Jonas will replace Phuthuma Nhleko as chairman of MTN Group at the end of the year. At the same time, former President Thabo Mbeki will head a new advisory board.
Shareholders at an unprecedented number of JSE Top 40 companies have, in the past year, voted against remuneration policies and/or their implementation.
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.
MTN Group is considering a replacement for long-time chairman Phuthuma Nhleko, with former deputy finance minister Mcebisi Jonas lined up as his possible successor.
MTN Group CEO Rob Shuter said on Thursday at the telecommunications operator’s annual general meeting of shareholders that it still expects to declare a full-year dividend for 2018 of R5/share despite impending US
Standard Bank is building a mobile virtual network operator, according to well-placed industry sources. The bank has hired former Virgin Mobile South Africa CEO Steve Bailey to its executive team. Standard Bank is
MTN Group is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, CEO Officer Rob Shuter said on Wednesday. “We have
