[ad_1]
A South African state pension fund has increased its stake in mobile operator MTN Group to nearly 24%, said Wednesday a filing of a complaint to the regulations.
The Public Investment Corporation, which holds more than $ 2 trillion in retirement pensions for South African civil servants, had a 15% stake in the company before the operation.
The purchase price was not disclosed, but MTN's shares were mistreated as it revealed two separate disputes with the Nigerian authorities.
On August 29, Nigeria's central bank ordered MTN and its lenders to return $ 8.1 billion to Nigeria, alleging that the company had been sent abroad in violation of foreign exchange regulations. In addition, MTN faces a separate tax bill of $ 2 billion from the Nigerian authorities.
The stock had fallen around 20% since then. At 12:20 GMT, equities were trading slightly higher at 88.32 rand.
($ 1 = 13.9641 rands)
Source link
