MTN pins its hopes on revamped management team
MTN shareholders will still receive a final dividend — albeit half the previous year’s — despite the cellphone network operator booking numerous losses, including its full R10.5bn Nigerian regulatory fine that it has to repay over three years. On March 13, a new management team under incoming CEO Rob Shuter takes over the reins at MTN. Ralph Mupita will be joining MTN on April 3 as chief financial officer. As is customary before a corporate leadership change, the last results under the old management appear to have been painted in an as unflattering light as possible so as to create a low base for a promised turnaround. Numerous deductions saw MTN plunge into a R3.1bn loss for the year to end-December from the previous year’s R23.6bn profit. That this loss was mainly due to accounting is indicated by MTN declaring a R4.50 final dividend, taking its full dividend for 2016 to R7 — nearly half the previous year’s R13.10. Costs MTN incurred in Nigeria included R1.3bn "professional fees"...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.