MTN’s woes worsen as South Africa’s bourse suspends trading in its shares

The South African bourse has suspended trading in the shares of telecoms firm MTN on Monday, a senior official said.

“Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform,” said Peter Redman of the exchange’s surveillance department.

Africa’s biggest mobile phone firm was fined 5.2 billion dollars last week by Nigerian authorities for failure to cut off unregistered users.

MTN has agreed to pay the fine instalmentally as its attempt to resolve the isuue with the Nigerian authorities proved futile.