MTN Group will exit its operations in the Middle East to become an Africa-only-focused telecommunications operator, CEO Rob Shuter announced on Thursday.
Browsing: MTN Irancell
MTN Group said it is implementing cost control measures, focusing on mission critical expenses and enhanced oversight of expenditure, amid uncertainty over the impact of the Covid-19 pandemic.
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.
Rob Shuter’s announcement that he will not seek to extend his contract as MTN Group CEO a year before it ends will allow the board enough time to pick a suitable candidate.
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 on Wednesday confirmed reports that three senior managers have been arrested and deported by the Ugandan government.
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.