MTN Group said its Iranian business is still able to achieve strong sales growth in the short term, even as the unit battles to overcome ongoing US sanctions and the rapid spread of the coronavirus.
MTN has opted over the years to enter parts of the world seen as too risky by many other carriers. That’s left it vulnerable to legal entanglements, unpredictable politics and regulatory crackdowns.
South African police arrested a former ambassador to Iran on corruption charges related to the award of a mobile phone licence to MTN Group after it was initially given to Turkcell.
MTN Group remains on track to report a total 2018 dividend of R5/share, despite “continued challenges in repatriating funds from MTN Irancell”, it said in notes alongside interim results for the six months to 30 June.
MTN Group has warned that renewed US-led economic sanctions against Iran had once again tied up funds in its second biggest market, scuppering plans to turn the country into a cash cow after years of troubles.
MTN Group’s R10-billion plan to extend fibre home broadband connections to Iranian cities has been put on hold because of looming economic sanctions imposed by US President Donald Trump.
US President Donald Trump’s decision to re-impose sanctions on Iran may limit the ability of MTN Group to repatriate cash, both in the form of dividends and loans, from its investment there, it warned on
MTN Group has moved to have Turkcell’s $4.2bn (R59bn) lawsuit against it thrown out by the high court in South Africa, arguing, among other things, that several previous attempts by its rival, in other forums, to seek redress against
MTN’s Turkcell headache just won’t go away. The JSE-listed telecommunications group is headed to court after a legal challenge from the Turkish operator, this time in Johannesburg, over the awarding of its operating licence in
MTN said on Monday that it has agreed, on a non-binding and preliminary basis for now, to invest R540m into Iranian fixed broadband provider Iranian Net. The investment will give it a 49% stake in the company. However, further investments