Tehran — MTN, the cellphone carrier with $1bn stuck in Iran, agreed to make an investment of €20m that will support Snapp.ir, the Iran’s first cab-hailing smartphone application.The funds "will allow us to quickly expand to other cities" than Tehran, Snapp CEO Shahram Shahkar said by e-mail on Tuesday.MTN will transfer the cash to the app’s owner, Iran Internet Group, which operates and invests in startup and e-commerce companies.The cellphone carrier’s investment in Snapp strengthens its ties with Iran, as it tries to repatriate R15.4bn from the country, following the lifting of US-led economic sanctions.MTN’s former chief financial officer, Brett Goschen, said in August that it would take at least five months for the carrier to transfer the money due to a lack of ties between Iran and international banks.The shares fell 0.5% to R113.23 as of 9.14am in Johannesburg, extending the year’s decline to 15%.MTN, Africa’s biggest mobile-phone company by sales, has invested in tech startup...
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