MTN subscriber base rises to 225.4m
Leading telecommunication giant, MTN Group has recorded an improved operational performance in many markets in the third quarter with group service revenue up by 10 per cent as wellness as an increase in its subscriber base to 225.4 million.
The Chief Executive Officer, Rob Shuter said, the results were
achieved despite challenging operations and currency conditions in various markets.
Shuter pointed out that the company is going ahead with plans to list in the West African nation, in spite of challenges in some of its
markets.
According to him, the decision to sell shares was part of negotiations relating to a $5.2 billion fine for unregistered sim cards.
Shuter said: “MTN recorded an improved operational performance in many markets in the third quarter with group service revenue up 10 per cent year-on-year, ahead of our medium-term target of upper-single-digit growth,”
The company has been embroiled in regulatory disputes in its largest
markets, including Nigeria, Iran and Ghana.
MTN that was trading at record highs of R240 share before its first
spat with the Nigerian regulators in 2015, is now at around R85 after
clashes over unregistered sim cards, the transfer of monies from the country and tax concerns.
The latest accusation was that MTN illegally transferred $8.1 billion
of cash from Nigeria.
The telecom company has since denied any wrongdoing.
During the quarter MTN also listed its Ghanaian business to get access
to spectrum, and could potentially sell some of its Ugandan business
to local people to ensure the renewal of its license in that country.
The company has also suffered a blow in Iran, its second largest
market, after the US reintroduced sanctions on the country.
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