Fidelity bank card banner Camano banner
MTN share price crashes

By Robert Laing on 29/12/2017

Views: 1,313


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

 

 

CLASSIFIED ADS

 

You may also like...
NCC to suspend licences of debtor-operators

21,878 apply for 10,000 Police jobs

Abuja Airport wins most improved international airport award...

Probe sources of weapons used by killer herdsmen...

Flood hits four LGAs in Kebbi

Ngwa Patriots Forum to support community development initiatives...

Nigerian Air Force appoints new spokesman as Adesanya...

Group condemns Anambra Adoration Ground tragedy, blames ‘desperate...

Anambra Security & Vigilantism: Agenda for Gov. Obiano...

HURIWA condemns extortion of SURE-P applicants, commercialising of...

Adamawa laments state of school hostel

Uduaghan wants urgent voters’ education as elections loom...

 

Latest News Journalist shot, top police officer killed as Shiites, Police battle in Abuja Some people kicked against my appointment as Kaduna Commissioner for Internal Security and Home Affairs — Aruwan Popular actress faces cocaine charge Ihedioha's list of commissioners ready on Tuesday Tribunal dismisses suit against Senator Chimaroke Nnamani Many feared killed as bandits attack Katsina community Group establishes 5-Bed Pediatric Intensive Care Unit at UNTH •To extend gesture to other teaching hospitals in Nigeria’s six geo-political zones 14 million Nigerians on drugs - Pharmacists Council 151 repentant Boko Haram members freed to go home Nigerian teenager killed in South Africa Some Yoruba leaders will be first to flee if war begins – Junaid Mohammed How we rescued 55 persons kidnapped by bandits in Zamfara – Police

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (511,361 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,953 views) Shameless Genevieve Nnaji exposes breasts in public (374,087 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (317,109 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,916 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,487 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,763 views) 10 cars more expensive than Jets (224,842 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,592 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (209,154 views) Lagos plane crash: Journalist releases victims’ names (188,674 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (187,271 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,359) Business Verdict (76) Columnists (1,076) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (636) Features (781) Global Business Monitor (396) ICT Monitor (54) International (3,737) Interview (194) Live Commentary (30) Love Matters (164) Maggie's Blog (342) News (48,955) Opinion (1,293) Pidgin (17) Politics (11,181) Religion (1,053) Sports (2,106) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera