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.
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Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Group is in advanced talks to sell stakes in tower assets in Ghana and Uganda worth as much as R8-billion as Africa’s largest wireless carrier looks to accelerate a broader disposal plan.
Cell C said late on Thursday that it is up to date with all payments to MTN South Africa for its national roaming agreement.
MTN Group had 236.6 million subscribers on its books at the end of its financial first quarter, to 31 March 2019, up from 232.6 million at the end of December.
MTN Group CEO Rob Shuter was paid R42.9-million in the financial year ended 31 December 2018, up from R40.6-million in 2017, while other top executives were also handsomely rewarded.
Eight MTN Group executives netted over 1.3 million shares in the telecommunications giant, valued at R116.9-million at the market price when they were issued at the end of December.
MTN Group CEO Rob Shuter has been granted more than R38-million in shares under the telecommunications operator’s performance share plan. The shares will vest in three years’ time.
MTN Group, facing a combined $10-billion in claims from Nigerian authorities, has said it may no longer seek to raise capital through an initial public offering on the country’s stock exchange.
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.