JOHANNESBURG/ISTANBUL — MTN increased 2.3% to R120.50 on Monday on news that sanctions against Iran have been lifted, a move that would free up more than $1bn in frozen accumulated dividends.While good news for the South African cellphone company, the share prices of oil producers across the world fell on the prospects of Iran flooding an already oversupplied market.Sasol fell 3.78% to R363, while its Brazilian counterpart Petrobras fell to a 13-year low and Nigerian equities fell to a three-and-a-half year low.MTN, which owns 49% of unlisted Irancell, the country’s second-biggest cellphone operator by subscribers, has been restricted from repatriating money from the unit due to the sanctions.MTN said in August last year it hoped to repatriate about $1.1bn in accumulated dividends frozen by international sanctions once Iran’s nuclear deal with world powers was finalised.MTN spokesman Chris Maroleng would not comment.While initially good news for MTN, the reopening of Iran to interna...
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