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Mobile services

Eurobites: MTN Shares Suspended After $5.2B Fine

Also in today's EMEA regional roundup: Volvo boost for Nokia's HERE; TDC's profits down in third quarter; "blingphone" company sold to Chinese.

  • Shares in South African operator Mobile Telephone Networks (MTN) were temporarily suspended on Monday following the slump in their value sparked by a $5.2 billion fine imposed by Nigerian regulators, reports the Financial Times (subscription required). The fine was imposed on MTN for the way in which it disconnected 5.1 million unregistered SIM cards in Nigeria, and it was reports in the Nigerian media that MTN had agreed to pay the fine in full that triggered a further steep fall in the share price.

  • Nokia Corp. (NYSE: NOK)'s navigation technology unit, HERE, has been chosen by Swedish car giant Volvo to supply the in-car control system for new and future models. The first model featuring the new Sensus system is the XC90, a luxury SUV which started shipping earlier this year.

  • Denmark's TDC A/S (Copenhagen: TDC) posted third-quarter core profits down 12% as the operator struggled to compete in what has become one of the most competitive (and, for the consumer, cheapest) mobile markets in Europe, reports Reuters. Shares in TDC, however, rose more than 7% Tuesday morning as overall results were better than expected.

  • Just across the bridge, in Sweden, cable operator Com Hem AB saw underlying EBITDA rise 2.6% year-on-year to 590 million Swedish kronor ($69 million) in the third quarter, on revenues that were up 3.7% to SEK1.25 billion ($146 million). Its consumer base grew by 9,000 in the quarter, to 903,000 customers.

  • Vertu , the maker of "hand-crafted" bling-tastic mobile phones for those with more money than sense, has been sold to Chinese investors by its owner, Swedish equity group EQT, reports the Financial Times. Vertu, which used to be part of Nokia, has its headquarters in the UK. No financial details of the deal were disclosed.

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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