We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

MTN scrambled to extract about €60m (R898m) from its Iranian business in the six weeks before US President Donald Trump’s announcement that he would withdraw from the multinational nuclear deal with Iran. The mobile operator probably has a window period of several months to repatriate as much of its Iranian cash stockpile as possible before moving money out of the Middle Eastern country becomes more difficult. "The initial guidance from the US yesterday indicated that there would be a 90-day wind-down period before the US would reimpose sanctions targeting Iran," said an MTN spokesman, asking not to be named. The group’s share price shares fell 0.6% to R124.22 on Wednesday. It has about €200m of legacy cash in Iran. "MTN Group remains committed to our investment in Irancell and to repatriating the balance of legacy cash in Iran, whilst remaining compliant with appropriate legislation," the company said in a stock-exchange filing. It said it had repatriated about €88m from MTN Irance...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.