MTN deal to grow Iran presence
The company has struggled to repatriate funds in the past
08 May 2017 - 18:40
MTN has reached a nonbinding preliminary agreement to invest R540m in Iranian Net to widen the telecommunication group’s reach in that country even as it faces the risk of not being able to repatriate funds from it. The investment in the fixed-broadband provider, with further investments of about R3.4bn in equity and loans over five years, will secure a 49% stake in Iranian Net for MTN, and add to MTN Irancell and Snapp.ir, the country’s answer to taxi-hailing app Uber.
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