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...

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 exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.