South African telecommunications company, MTN, witnessed a rebound in its shares at the close of trading on Monday, November 9, at the Johannesburg Stock Exchange (JSE), South Africa.
The telecoms firm had fallen behind in the morning following the shocking departure of Mr Sifiso Dabengwa, as the chief executive officer of MTN Group and the appointment of Mr Phuthuma Nhleko, as interim executive chairman.
Dabengwa’s resignation on Monday morning followed his inability to resolve the N1.04 trillion ($5.2 billion) fine imposed by the Nigerian Communications Commission (NCC) for MTN not deactivating 5.1 million unregistered subscriber identity module (SIM) cards from its network. Dabengwa was once the CEO of MTN Nigeria from 2004 to 2006.
Shares in MTN had slid by about 20 per cent since October 26 when the fine was first reported, but were up 1.4 per cent at 159.65 rand by 1349 GMT on Monday, following news of Nhleko’s appointment.
The shares rebounded after falling more than three per cent in the early morning trading.
0 comments:
Post a Comment
Thanks for visiting the best tech and science gist blog in Africa
how do you rate our updates? we hope you find the updates and tips useful.
please visit again for more gist on Internet surfing and day-to-day computer tips
Olanrewaju O. Philip
Blog Author.