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: 1,078


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...
37 mourners killed in error in air strike...

Britain says regrets role in anti-gay laws among...

World Cup 2018: Uruguay keep it clean as...

Corruption: Don’t make Boni Haruna minister, HURIWA cries...

Lawyer insists on Governor Obiano’s removal, heads for...

RIGHTSView: LUNATICS IN NIGERIAN PRISONS

Airtel partners Sweet Sensation for ‘Recharge and Refresh’...

Ijaw youth leader slams Alamieyeseigha, Sylva, others for...

Mud which could change the global economy discovered...

Anambra women group declares Umeh best choice for...

EFCC stalls N177m fraud case

ASUU Agreement and Government’s honour

 

Latest News EFCC lists 22 witnesses to testify against Fayose IPOB reveals Nnamdi Kanu’s position on 2019 Presidential election Boko Haram sacks two communities in Borno Ministry releases details of billions spent on 292 water projects in 7 years 45 Nigerian firms flaunt potential at SNEPCo exhibition 2019: Arewa youths threaten to stop Atiku over Fani-Kayode, Nnamdi Kanu Minimum Wage: NLC threatens to embark on fresh industrial action on November 6 I will contest in 2019, says Shehu Sani Don’t disenfranchise Zamfara electorate, CLO tells INEC •Urges Buhari to call Oshiomhole to order Wike an Action Governor — Prof. Gidado Buhari set to visit Seme border Police arrests drug store operator for murder in Borno

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (408,396 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,308 views) Shameless Genevieve Nnaji exposes breasts in public (315,709 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,701 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,165 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,847 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,656 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,079 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,915 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,221 views) Lagos plane crash: Journalist releases victims’ names (161,909 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,621 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,701) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (304) International (2,559) Interview (165) Live Commentary (28) Love Matters (145) News (39,805) Opinion (1,126) Pidgin (13) Politics (7,325) Religion (883) Sports (1,738) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement