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S. African mobile giant MTN resumes trading after suspension

Xinhua, November 3, 2015 Adjust font size:

South Africa's major mobile operators MTN resumed trading Monday afternoon after being temporarily suspended earlier in the day.

MTN's trading was suspended on Monday morning by the Johannesburg Stock Exchange (JSE). The suspension followed a 5.2-billion-U.S.-dollar fine by the Nigerian Communications Commission where MTN also operates.

John Burke, Director of Issuer Regulation at the JSE, said, "The JSE has halted all trading on MTN Group Limited. Trading will resume as soon as MTN Group Limited has issued a SENS (Stock Exchange News Service) announcement."

Then the suspension was uplifted when the mobile operator issued an SENS on Monday afternoon. The SENS said, "As per our SENS announcement, the Company reiterates that engagements with the Nigerian authorities are continuing and any material developments in these engagements will be communicated to shareholders through SENS."

MTN was fined for failing to disconnect 5.1 million subscribers with unregistered or incomplete sim cards which the regulator deemed as improperly registered.

MTN further stated in their SENS that "shareholders should specifically exercise caution when reacting to information on this matter which has not been released by the Company."

"Shareholders are therefore advised to continue to exercise caution when dealing in the Company's securities until a further announcement is made," it added.

MTN said it is still engaging the Nigerian regulator about the fine imposed on them.

On Monday the afternoon, the JSE announced, "After the company's announcement released on SENS at 13:33, trading in the company's shares will resume with a ten minute re-opening auction at 13:40."

MTN has 231 million subscribers in 22 countries across Africa, Asia and the Middle East. In September, 2015, MTN was named the most admired brand in Africa in the Brand Africa 100. Enditem