MTN Group says Iran investment continues despite sanctions

19 Mar 2020

South Africa’s MTN Group says it is still pushing for sales growth at its 49%-owned subsidiary in Iran, MTN Irancell, despite the effect of US economic and trade sanctions. While the group has admitted having difficulty taking money out of Iran due to the sanctions, it says it is able to convert earnings to loans to MTN Irancell, which is allowing Iran’s second largest mobile operator to continue investment in its fixed and wireless networks. The Group’s Chief Financial Officer Ralph Mupita is quoted by Bloomberg as saying: ‘This has placed MTN Irancell in a position where it has enough cash to continue funding its network expansion, even during these tough times’.

Iran, MTN Group, MTN Irancell