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MTN says U.S. withdrawal may limit its cash repatriation from Iran

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6 years ago

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MTN Group said on Wednesday that President Donald Trump’s decision to pull the U.S. out of the Iran nuclear accord may limit its ability to repatriate cash from MTN Irancell.

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

In 2018, the South African telecoms company had repatriated about 88 million euros (104.26 million dollars) from MTN Irancell.

It included 61 million euros relating to the 2017 dividend due to MTN and 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. ($1 = 0.8440 euros)

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

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