|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||6.25 - 6.25|
|52 Week Range||5.65 - 7.72|
|Beta (3Y Monthly)||0.55|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.35 (5.67%)|
|1y Target Est||N/A|
Nigeria's President Muhammadu Buhari will visit South Africa next month to reinforce the bonds between the two countries after a wave of deadly riots and xenophobic attacks, the South African presidency said on Saturday. South Africa's MTN Group and supermarket chain Shoprite have closed all stores and service centres in Nigeria after their premises were attacked. South African President Cyril Ramaphosa said on Thursday at least 10 people had been killed, two of them foreign nationals, in violence that began in Pretoria and spread to nearby Johannesburg.
South Africa promised on Thursday to tackle the prejudice fuelling a wave of deadly riots and xenophobic attacks, as international anger over the violence overshadowed a pan-African economic conference in Cape Town. President Cyril Ramaphosa said at least ten people had been killed during the past week, of whom two were foreigners. "Our country has been deeply traumatised ...by acts of violence and criminality," he said in a televised address.
Nigeria's Vice President Yemi Osinbajo will boycott the World Economic Forum's Africa summit in South Africa over riots in the host country that have targeted foreign-owned businesses, Nigeria's foreign minister said on Wednesday. "Clearly with this climate, he and Mr. President have agreed that he should not go," Foreign Minister Onyeama told a news briefing.
Nigeria said on Wednesday it would boycott an Africa economic summit in Cape Town, intensifying a diplomatic row after a series of deadly attacks on foreigners in South African cities. The withdrawal of Nigerian Vice President Yemi Osinbajo from the World Economic Forum gathering has cast a cloud over initiatives to boost intra-African trade.
A Nigerian judge on Wednesday adjourned until Oct. 29 a case to resolve a $2 billion tax dispute between South African telecoms company MTN Group and Nigeria's attorney general. Nigeria is MTN's biggest market, with 58 million users in 2018 and accounting for a third of the South African firm's core profit. MTN Nigeria, the company's local unit, listed in Lagos in May in a 2 trillion naira ($6.5 billion) flotation and became the second-largest stock on the bourse by market value.
The Public Investment Corp. built a 26% stake in Johannesburg-based MTN by late November and used that to call for the replacement of Chairman Phuthuma Nhleko, people familiar with the matter said. Africa’s biggest fund manager, which is South African state owned, also sent a letter to MTN demanding a board reorganization, said one of the people. A spokesman for Nhleko declined to comment on behalf of the outgoing chairman.
Nigeria’s Economic and Financial Crimes Commission has requested certain information and documentation regarding the May 16 listing, MTN Nigeria Communications Plc said in a statement on Saturday. While Nigeria is central to MTN’s growth strategy and home to about 60 million of the Johannesburg-based company’s subscribers, a string of accusations and legal claims by various authorities have weighed on the carrier’s shares. The listing on the Nigerian Stock Exchange was itself a condition of a settlement reached with the telecommunications regulator in 2016 over the handling of customers without proper documentation, while MTN is also fighting a claim that it owes $2 billion in back taxes.
MTN Nigeria said on Saturday it is under investigation by the Nigerian financial crimes agency over its listing last week, although it "has not been accused of any wrongdoing" by the Economic and Financial Crimes Commission. The listing of MTN Nigeria, a unit of South African telecoms firm MTN Group, made it the second-largest firm on the Nigerian Stock Exchange, and since then its share price has risen from 90 naira (20p) to 140 naira. A spokesman for Nigeria's financial crimes agency was not immediately available for comment.
MTN Nigeria said on Friday it has signed a 200 billion naira ($653 million) loan with seven local banks, a day after it floated its shares on the Lagos stock market. The seven-year loan deal coordinated by Citibank was signed with a consortium of Access Bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, FCMB, United Bank for Africa and First Bank. MTN Nigeria, majority owned by South Africa's MTN Group, floated its shares in a $6.5 billion listing on Thursday turning into the second-largest company on the exchange after Dangote Cement.
Johannesburg-based MTN first needs to wait out a half-year investor lock-in period that followed Jumia’s successful share sale in New York, they said. MTN is the biggest investor in Jumia, the best performing IPO in New York this year with its share price more than tripling since its April 12 debut. Often nicknamed Africa’s Amazon.com, Jumia operates in 14 African countries including Nigeria and Ivory Coast where the U.S. giant lacks distribution infrastructure and much presence.
The two carriers bill more in their home market than in other countries in which they operate, the Competition Commission said in a provisional report on an inquiry that began in August 2017. Vodacom, majority owned by U.K.-based Vodafone Group Plc, and MTN had a combined 75 million customers in South Africa at the end of 2018, or about three-quarters of the current market, which includes those with more than one mobile-phone subscription.
The Nigerian Communications Commission approved the transfer of 800-megahertz spectrum following a public inquiry into the boost the move would give to MTN’s market-leading position in the country. MTN bought Visafone from Jim Ovia, the former chief executive of Zenith Bank Plc, four years ago. The decision will enable Johannesburg-based MTN to extend its network reach in Africa’s most populous country, potentially to rural and unconnected areas, according to Olusola Teniola, President of the Association of Telecommunications Companies of Nigeria.
Bloomberg News reported last month that an IPO would value Jumia at about $1.5 billion, while largest shareholder MTN Group Ltd. is looking to raise about $600 million to pay down debt. The retailer provides an Amazon.com Inc.-like service in 14 African countries and has expanded rapidly, with active customer numbers growing to 4 million at the end of 2018 from 2.7 million the previous year.
MTN Group announced on Thursday a $1 billion divestment program over the next three years that will slim down Africa's biggest mobile phone operator and refocus it on high-growth markets on the continent and in the Middle East. Founded with Pretoria's help after the end of white minority rule in 1994, MTN has been one of South Africa's biggest corporate success stories, but clashes with regulators in Nigeria, Uganda and elsewhere have crimped growth. Chief Executive Rob Shuter, hired from Vodafone in 2017, has drawn up a turnaround plan that includes shedding loss-making e-commerce assets and exiting countries where MTN has no prospect of reaching second position by market share.