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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  MTN Group Limited    MTNJ   ZAE000042164

MTN GROUP LIMITED (MTNJ)
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MTN : Notice of regulatory hearing in Benin...

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11/10/2017 | 11:04am CEST

MTN Benin has received notification from the telecoms regulator (ARCEP) on the 8th November 2017 that a process was being initiated to review the reasons why MTN Benin has not paid outstanding invoices on frequency fees for 2016 and 2017



10/11/2017

Notice of regulatory hearing in Benin

Johannesburg - MTN Benin has received notification from the telecoms regulator (ARCEP) on the 8th November 2017 that a process was being initiated to review the reasons why MTN Benin has not paid outstanding invoices on frequency fees for 2016 and 2017.

On 30 March 2017, the Government of Benin issued MTN Benin frequency fees invoices for an amount equivalent to approximately USD 213 million for the period March 2016 to December 2017.

Whilst the license agreement prescribes the calculation methodology for frequency fees it also provides that fees should take into account regional benchmarks, international practices and the local economy.

MTN Benin has contested this amount on the basis that, inter alia, the amount is excessive which has been confirmed by an independent benchmark report commissioned in terms of MTN Benin's license.

We will continue to engage with the regulatory authorities in Benin to find an amicable solution to this matter.

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: 'MTN'. As of 30 June 2017, MTN recorded 232 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Ivory Coast, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.

For more information, please contact:

Karen Byamugisha on +27 (0) 83 214 3685 or at Karen.byamugisha@mtn.com

mtngrouppressoffice@mtn.com

Follow us: @MTNGroup

MTN Group Ltd. published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 10:03:01 UTC.

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Sales 2018 135 B
EBIT 2018 24 197 M
Net income 2018 10 458 M
Debt 2018 66 700 M
Yield 2018 5,43%
P/E ratio 2018 13,87
P/E ratio 2019 11,11
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Number of Analysts 11
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Spread / Average Target 33%
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Robert Andrew Shuter Group President, CEO & Executive Director
Phuthuma Freedom Nhleko Non-Executive Chairman
Jens Schulte-Bockum Group Chief Operating Officer
Ralph T. Mupita Group Chief Financial Officer & Executive Director
Koosum P. Kalyan Independent Non-Executive Director
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