MTN Group says the US decision to re-impose economic sanctions against Iran may limit the company's ability to repatriate cash, both for dividends or loans, from MTN Irancell. MTN said that it repatriated about EUR 88 million from MTN Irancell this year so far, including EUR 61 million relating to the full 2017 dividend due to MTN as well as a further EUR 27 million of historic dividends.
According to MTN, the remaining balance due to MTN was approximately EUR 200 million. MTN Group said it remains committed to its investment in Irancell and to repatriating the balance of legacy cash in Iran whilst remaining compliant with appropriate legislation.
The company said it will continue to monitor the situation including the response of the Iranian authorities and the other Joint Comprehensive Plan of Action (JCPOA) members.
