MTN due USD1bn from Iranian unit

South Africa’s MTN Group has said it will be able to access funds worth around USD1 billion from its Iranian subsidiary MTN Irancell when trade sanctions are lifted on the Middle Eastern country. Nik Kershaw, head of investor relations at MTN, told Reuters: ‘We have in total an equivalent of about USD1 billion, which is both a loan repayment from Irancell due back to MTN, as well as accumulated dividends.’ Sanctions were imposed on Iran over its nuclear research programme, but a deal was reached last week under which the country has agreed to curb its nuclear activities in return for an easing of trade restrictions.