MTN's share price jumped as much as 8.6% to R86.97 on Wednesday
morning on news from Punch online that the $8.1bn the
Nigerian government demands it repatriate may be reduced to $800m.
But its share price settled back to Tuesday's closing price of
R81 as
the market started to doubt the veracity of the story carried by Punch,
headlined “Senate, executive may clash again over MTN’s $8.1bn fine”.
“Some senators, who spoke on condition of anonymity, told our
correspondent on Tuesday, that the executive, in collaboration with the
Central Bank of Nigeria, had allegedly perfected arrangements to reduce
the fine through the ‘back door’,” Punch said in its report.
Bloomberg said it confirmed Punch’s story.
“A deal hasn’t been signed and could yet fall through, said the
person, who asked not to be identified as the talks are ongoing,”
- Bloomberg reported.
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