{"id":13923,"date":"2012-05-29T13:01:09","date_gmt":"2012-05-29T11:01:09","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=13923"},"modified":"2012-05-29T13:35:45","modified_gmt":"2012-05-29T11:35:45","slug":"mtn-buys-back-r1-36-billion-worth-of-shares","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/13923\/mtn-buys-back-r1-36-billion-worth-of-shares\/","title":{"rendered":"MTN buys back R1.36 billion worth of shares"},"content":{"rendered":"

MTN<\/a> has bought back over a billion Rand’s worth of its own shares, and plans to continue buybacks where it can with the goal of boosting investor returns.<\/p>\n

“In line with MTN’s strategy to improve returns to shareholders, MTN has bought back shares to the value of R1,36 billion between 8 March 2012 and 28 May 2012,” MTN reported.<\/p>\n

The total value of shares bought back by the company – which includes repurchases made the during 2011 financial year – amounted to R2,29 billion, it said. “The total number of shares repurchased equates to 0,9% of MTN Group’s issued share capital.”<\/p>\n

“This distribution to shareholders is in addition to the 70% dividend payout ratio announced previously. The MTN board will continue to implement share buybacks on an opportunistic basis,” said MTN.<\/p>\n

The Turkcell saga<\/strong><\/p>\n

Turkish mobile operator, Turkcell<\/a> launched a $4.2 billion lawsuit in a US court accusing MTN of bribing its way to the Iranian licence and alleging human rights abuses.<\/p>\n

MTN stressed their continued stance that the cliam holds no ground, and would continue to fight it.<\/p>\n

“MTN believes there is no legal merit to Turkcell’s claim and no basis for such claim to be brought before a US court and will accordingly oppose the claim,” it said.<\/p>\n

“The Hoffmann Committee’s investigation into Turkcell’s allegations is well underway and the Committee is expected to make recommendations to the MTN board later in the year,” it said.<\/p>\n

MTN also said that it is currently working with US authorities to manage its compliance with US sanctions against Iran.<\/p>\n

“MTN also continues to retain international legal advisors to assist the Group in remaining compliant with applicable EU, US and UN sanctions,” it finished.<\/p>\n

Related articles<\/strong><\/p>\n

MTN grows subscribers by 3.7%, surpasses 170m<\/strong><\/a><\/p>\n

MTN CEO rebuffs Turkcell accusations<\/strong><\/a><\/p>\n

Turkcell pegging MTN back on the JSE<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MTN has bought back over a billion Rand’s worth of its own shares, and plans to continue buybacks where it can with the goal of boosting investor returns, it says.<\/p>\n","protected":false},"author":10,"featured_media":7491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[2964,26,28,1292],"class_list":["post-13923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-agm","tag-headline","tag-mtn","tag-turkcell"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=13923"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13923\/revisions"}],"predecessor-version":[{"id":13929,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13923\/revisions\/13929"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/7491"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=13923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=13923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=13923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}