MultiChoice shares jump on Nigeria tax resolution

MultiChoice Group shares jumped in Johannesburg on Thursday after it said it had reached a settlement agreement over a multibillion-rand tax dispute with authorities in Nigeria.

MultiChoice said it has now reached an “amicable resolution of the pending tax matters, which led to a series of lawsuits” with the Federal Inland Revenue Services (Firs) of Nigeria.

“In broad of the agreement, MultiChoice will withdraw all pending lawsuits, and Firs resumed a forensic systems audit of MultiChoice accounts on Tuesday, 8 March to determine the tax liability of the company.”

“With the agreement and the resumption of the forensic systems audit, it is anticipated that the matters will be resolved expeditiously and shareholders will be kept informed of progress in this regard.”

MultiChoice shares jumped by more than 6% on the news. They were changing hands at R128.90 as at 3.48pm.  – © NewsCentral Media