MTN Telecoms shares have fallen sharply in trading at
the Johannesburg Stock Exchange after the mobile phone firm said
it expected to report a loss for the first half of this year as it pays a
record fine imposed by Nigeria for failing to disconnect unregistered Sim cards.
The shares of Africa's biggest mobile phone
company dropped 2.5% at 11:25 local time, after earlier slumping
by as much as 3.8%, the most in three weeks on a closing basis, Bloomberg
news agency reports.
Last month, South African-owned MTN said it would pay
Nigeria $1.7bn (£1.1bn), dropping legal action against
the Nigerian Communications Commission (NCC).
It was originally fined $5.2bn by the NCC but the two
sides settled on a lower amount.
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