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The South African stock exchange on Monday suspended trading in the shares of telecoms firm MTN, a week after the Nigerian Communications Commission (NCC) slammed a N1.04 trillion ($5.2 billion) fine on the telecom operator.
MTN was fined last week by Nigerian regulator for failure to cut off unregistered users.
MTN’s shares fell sharply shortly after the fine last week, closing 12.49 percent lower at 167 rand — the lowest in several years.
The NCC had in August directed mobile telecoms companies to deactivate all unregistered SIM cards or face severe sanctions.
MTN missed the deadline to deactivate its 5.1 million unregistered subscribers, prompting a N200,000 ($1,000) fine for each unregistered SIM.
There were indications on Sunday that the company had agreed to pay the fine unless there was a new development rising from the ongoing talks between the company officials from South Africa and the Nigerian government
According to the NCC, the firm has up to November 16 to pay the fine.