Key Developments: MTN Group Ltd (MTNOY.PK)
18.37USD
24 May 2013
$-0.53 (-2.80%)
$18.90
$18.37
$18.37
$18.37
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$21.49
$15.71
Latest Key Developments (Source: Significant Developments)
Myanmar Names MTN Group Ltd And Other Bidders In Race For Two Mobile Licences-Reuters
Reuters reported that Myanmar has announced the names of 12 international consortia that have pre-qualified to bid for two mobile licences, moving closer to opening one of the last major untapped mobile markets. The companies include Bharti Airtel Ltd, China Mobile Ltd, KDDI CORP, MTN Group Ltd, Singapore Telecommunications Ltd, Telenor ASA and Digicel, a group backed by billionaire George Soros. The pre-qualified applicants will be required to submit their applications to the committee by June 3, 2013. The committee expects to announce the names of two winners to receive 15-year telecommunications licences by June 27, it said. China Mobile has teamed up with Vodafone Group Plc, while France Telecom SA is working with Marubeni Corporation, and Africa's MTN with M1 Telecom and Amara Communications. SingTel has joined with Myanmar Telephone Co Ltd and KBZ, while KDDI has teamed up with Japan's SUMITOMO CORP and Myanmar Information and Communication Technology Development Corp. Other pre-qualifiers are Axiata Group Bhd, Millicom International Cellular SA, Qatar Telecom QSC and Viettel Group. The bidding has attracted wide interest from international telecoms firms, which see huge opportunities in a country of 60 million where mobile penetration is just 5%-10%, compared with rates of over 100% in many developed markets. Full Article
MTN Group Ltd Announces Final Dividend
MTN Group Ltd announced that a gross final dividend of 503 cents per share for the period to December 31, 2012 has been declared payable to MTN shareholders. The record date is on March 28, 2013 and the payment date is on April 2, 2013. Full Article
MTN Group Ltd Via Its Subsidiary To Acquire Whole Stake in MTN Cyprus
MTN Group Ltd, through its wholly owned subsidiary, MTN Dubai, has agreed to acquire a 50% equity interest in MTN Cyprus from its local partner, Amaracos Holdings. The transaction will increase MTN’s ownership interest to 100%. The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus. MTN Group Ltd acquired its initial investment in MTN Cyprus in 2006. Full Article
Turkcell Asserts U.S. Jurisdiction in Corruption And Bribery Lawsuit Against MTN Group Limited
Turkcell announced that it filed in a U.S. District Court substantial legal justification for the court to consider Turkcell's corruption and bribery lawsuit against MTN Group Ltd. and its subsidiary MTN International Limited. Turkcell's original legal complaint alleges MTN engaged in acts of corruption and bribery to steal Turkcell's award of the Iranian GSM telecommunications license in 2004 and 2005. This latest legal filing was in response to MTN's motion to remove the case from U.S. courts. Citing MTN's violations of international norms of law, Turkcell asserts that MTN's promises of military arms and International Atomic Energy Agency votes plus its payment of multiple bribes are more than adequate to support the American court's jurisdiction over the case under the Alien Tort Statute. Turkcell also provided the court with a detailed description of MTN's business dealings in the United States supporting personal jurisdiction.Turkcell's claim is supported by sworn testimony from MTN's own director of Iran operations detailing MTN's extraordinary tortious corruption and bribery in violation of the law of nations. The documents submitted to the court by Turkcell further dispute MTN's characterization of the case as a commercial dispute stating that if MTN calls throwing votes and promises of arms to be "commercial," presumably MTN would also characterize its networks' involvement in Iran monitoring dissidents and disrupting cell phone communications as phone bill disputes. Full Article
MTN Group Limited Files Motion to Dismiss Turkcell Iletisim Hizmetleri A.S.' US Lawsuit-DJ
Dow Jones reported that MTN Group Limited has filed papers in the U.S. in a bid to dismiss a lawsuit concerning a deal in Iran brought against it by Turkcell Iletisim Hizmetleri A.S. In March, Turkcell filed a lawsuit in the U.S. District of Columbia against MTN seeking $4.2 billion in damages related to the award of a license in Iran. The filing comes after a deposition by Turkcell's key witness, a former MTN executive in Iran, accusing the South African mobile phone company of bribing officials from Iran and South Africa. It also takes place against a background of U.S. and Europe ramping up sanctions against Iran and those that do business with the country. Turkcell filed the suit in the U.S. under the Alien Tort Statute, which has mainly been used for human rights violations and allows non-U.S. citizens to bring civil suits in U.S. federal courts for violations of international law. Turkcell alleges that MTN engaged in bribery and other acts of corruption to secure the license. Full Article
Turkcell withdraws U.S. lawsuit against MTN Group
WASHINGTON - Turkish telecom company Turkcell dropped its multibillion-dollar U.S. lawsuit against rival African mobile phone group MTN Group, citing a recent U.S. Supreme Court ruling that hurt its case.
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