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MTN: U.S decision on Iran may limit ability to repatriate cash

By News Express on 10/05/2018

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•A customer leaves an MTN shop
•A customer leaves an MTN shop

MTN Group said on Wednesday that U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord may limit the South African telecoms firm’s ability to repatriate cash from MTN Irancell, sending its shares lower.

Trump said on Tuesday he would reimpose U.S. economic sanctions on Iran, which were lifted under the agreement he had harshly criticised.

In 2018, the company had repatriated about 88 million euros ($104.26 million) from MTN Irancell, including 61 million euros relating to the 2017 dividend due to MTN as well as a further 27 million euros of historic dividends.

The remaining balance due to MTN is about 200 million euros, MTN said, adding it was committed to its investment in Irancell and to repatriating the balance of legacy cash.

The company said it will continue to monitor the situation, including the response of the Iranian authorities and the other members of the Joint Comprehensive Plan of Action.

MTN’s shares were down 2.6 percent at 0745 GMT after earlier falling over 3 percent. ($1 = 0.8440 euros)

Reporting by Arathy S Nair in Bengaluru and Ed Stoddard in Johannesburg; Editing by Sunil Nair and Louise Heavens

Source News Express

Posted 10/05/2018 03:36:45 AM

 

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