Audio By Carbonatix
MTN Group Ltd. said efforts to repatriate about 200 million euros ($237 million) from its Iranian unit will become tougher after U.S. President Donald Trump reinstated economic sanctions on the Islamic republic.
Africa’s biggest wireless carrier by sales had more than $1 billion stuck in Iran due to U.S.-led sanctions that ended following a landmark agreement in 2015. Since that accord, the Johannesburg-based company has been steadily withdrawing the funds.
MTN shares fell as much as 4 percent on Wednesday, the most in more than a month, on concerns that cash would be stuck in Iran. The shares recovered to trade 2.7 percent lower at 121.55 rands as of 9:48 a.m. in Johannesburg.
“We will continue to monitor the situation including the response of the Iranian authorities,” MTN said in a statement. The company has repatriated 88 million euros to date in 2018. In March, the wireless operator said it expected the last of the cash would be received by September.
Iran is MTN’s second-largest market with 43 million customers at the end of 2017. It has operated in the country since 2005.
Latest Stories
-
True love, understanding and forgiveness sustain my marriage – Celestine Donkor
1 minute -
Today’s Front pages : Tuesday, December 19, 2025
3 minutes -
Why you should not miss Joy FM’s 2025 Family Party in the Park
28 minutes -
NSA boss Ruth Dela Seddoh vows to end ghost names, save public funds
33 minutes -
Government secures 40,000 acres in Yeji for Agro-Industrial Expansion
1 hour -
Election security team engages NPP ahead of January 2026 presidential primaries
1 hour -
Jail corrupt officials in galamsey fight – Haruna Iddrisu to Judiciary
1 hour -
Walewale MP dismisses forest mining ban as a superficial response to galamsey
2 hours -
Government targets 2026 restart for Komenda Sugar Factory
2 hours -
Chiefs must be central to galamsey fight – National House of Chiefs President
2 hours -
Over 1.3m youth outside jobs and school as GSS flags deepening employment gaps
2 hours -
Youth joblessness a security risk as 1.3m remain idle – Opare Addo
2 hours -
You can’t levy athletes to Fund Sports Bill – Former Sports Minister
2 hours -
Adu-Boahene trial: Testimony of prosecution witness favouring our defence – Atta Akyea
2 hours -
Attorney-General lauds EOCO’s Executive Director
2 hours
