MTN’s legal battle with the Nigerian authorities has seen the company lose its spot as Africa’s highest-valued telecommunications operator to Vodacom.
As pointed out by Bloomberg, MTN’s market cap was R244 billion at the close of market trading on 11 May – behind Vodacom’s R249 billion.
“This year marks the first time the rankings have been reversed since Vodacom first sold shares in an initial public offering in 2009,” said Bloomberg.
MTN’s shares have declined 31% since 26 October, when the Nigerian authoritiesissued the operator with a R61-billion fine for failing to disconnect unregistered SIMs in the country.
Vodacom has gained 12% in the same period, according to the report.
This news follows MTN’s recent quarterly update, in which it reported that the group’s subscriber numbers had decreased by 1.4% since Q4 2015.