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
-
Adamus rejects lease revocation, cites breach of due process
23 minutes -
Ho MCE inaugurates market committee to boost revenue
35 minutes -
Police arrest suspected hardened armed robber
42 minutes -
Man, 23, sentenced over defilement
46 minutes -
Court remands mason over stepdaughter’s defilement
51 minutes -
Vice President presents sanitary pads to some schools in Upper West
55 minutes -
Energy Minister will today address nation on developments in electricity sector
58 minutes -
Low school turnout marks the first week of reopening in Nkwanta enclave
59 minutes -
Wa East among first 50 districts for Farmer Service Centres
1 hour -
Over 20,000 candidates to write 2026 BECE in Bono East Region
1 hour -
Firefighters rescue security man from devastating inferno in Sunyani
1 hour -
Experts outline path to legal cannabis market in Ghana
1 hour -
GAFÂ rallies support to tackle military housing deficit
1 hour -
ECG inspects four major system upgrade projects in Kumasi
1 hour -
Mahama praises Julius Debrah for loyalty, kindness at 60th birthday thanksgiving
1 hour