Fidelity bank banner UBA banner
MTN share price crashes

By Robert Laing on 29/12/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,057


MTN’s share price fell 2% to R133 on Thursday morning after it warned that a R6bn profit from a deal with cellphone tower operator IHS would be cut by R2.8bn.

MTN said the R6bn profit it had booked in its interim results from the deal had been reduced to R3.2bn by a R2.8bn loan agreement in the second half of its financial year.

In February, MTN exchanged cellphone towers it owned in Nigeria in a partnership with IHS, called Interco, for a 29% stake in an enlarged IHS. This deal included a $231m (about R2.8bn) shareholder loan which MTN said had now been assigned to IHS.

“The combination of the profit from the exchange of Interco shares for IHS shares in the first half of the 2017 financial year and the loss on assignment of the shareholder loan in the second half of the year has a combined positive impact of R3.2bn to earnings in 2017,” Thursday’s statement said.

MTN’s financial year ends in December and it releases its results in early March.

As part of the deal, IHS “has facilitated certain network volume commitments and provided more attractive terms for MTN Nigeria’s future network roll-out applicable from 2018 onwards,” the statement said.

“The agreement allows MTN Nigeria to continue to invest in its network more efficiently, and further simplifies MTN’s interests in IHS.

“The agreement will enable MTN and IHS to mutually benefit from continued investment and commitment to the roll-out of broadband and data services in Nigeria,” MTN said. (Business Day SA)

 

Source News Express

Posted 29/12/2017 12:37:21 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
MASSOB lambastes FG, MEND over conditions to free...

Again, fuel queues resurface in Abuja

EFCC files 17-count charge against Fani-Kayode over alleged...

Policeman shoots colleague dead in Bayelsa

How we killed dreaded Rivers kidnap kingpin, Don...

Yudala leads in e-commerce price war

Bayelsa threatens to sue FG over $1bn Boko...

Fulani militants killed 77 in Taraba —Red Cross...

Witches village springs up in Ghana

Army confirms Adamawa suicide bomb attack, says situation...

100 Bills scale first reading in House of...

Why I have not constituted a cabinet –...

 

Latest News FRSC job seeker collapses, dies Ex-president’s son detained over fraud CBN warns of another looming recession Osun election: PDP calls for resignation of INEC Chairman and Amina Zakari Bill Cosby sentenced to three to 10 years in jail for sexual assault PDP ready to wrest power from APC, says R-APC former National Chairman Buba Galadima Toni Kan and partner sell sabinews.com in landmark deal FG kick-starts 58th Independence Anniversary Celebration with photo exhibition PDP heading for self-destruction in Kogi East, youths warn Osun rerun: Fayemi leads APC leaders to Omisore’s residence Miracle in America: Paralysed people walk again Nigeria's population will hit 450 million by 2050 — International consultant

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,499 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,289 views) Shameless Genevieve Nnaji exposes breasts in public (309,130 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,016 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,770 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,853 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,495 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,040 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,122 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,592 views) Lagos plane crash: Journalist releases victims’ names (158,472 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,108 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,630) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,436) Interview (165) Live Commentary (28) Love Matters (144) News (39,151) Opinion (1,111) Pidgin (11) Politics (6,759) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement