South Africas MTN shares fall after bourse lifts suspension

The South African bourse on Monday suspended trading in the shares of telecoms firm MTN but the shares resumed trading later the same day.

The bourse suspended trade on the firm’s shares during mid-morning trade as the stock fell as much as 8 percent, while Africa’s largest mobile telecoms operator negotiated with authorities in Nigeria where MTN was fined a $5.2 billion for failure to cut off unregistered users.

MTN said in a statement it was in talks with the Nigerian presidency, internal security agency and the NCC to resolve the matter. MTN Chief Executive Sifiso Dabengwa flew to Abuja to make what three sources familiar with the matter said was an attempt have the penalty reduced.

NCC on Friday gave MTN two weeks to pay the fine.

MTN shares extended losses to 5.89 percent at 148.51 rand by 1159 GMT, after the bourse earlier suspended trading with the shares exchanging hands at 145.50 rand. (Reporting by TJ Strydom; Editing by James Macharia)

Africa’s biggest mobile phone firm was fined $5.2 billion last week by Nigerian authorities for failure to cut off unregistered users. (Reporting by Tiisetso Motsoeneng; Writing by TJ Strydom; Editing by James Macharia)