MTN Group: Iran move to free $1bn dividends

MTN Group has said easing of sanctions against Iran will allow it to transfer about $1 billion (R12bn) in accumulated dividends and a loan repayment from its Iranian unit. MTN, which owns 49 percent of unlisted Irancell, has been restricted from repatriating money from Iran owing to the sanctions imposed by the West. “We have in total an equivalent of about $1 billion, which is both a loan repayment from Irancell due back to MTN, as well as accumulated dividends,” Nik Kershaw, the head of investor relations at MTN, said. “The lifting of the sanctions would then allow us to start to repatriate some of the money.” Shares rose 0.28 percent to close at R222.72 on the JSE yesterday. – Reuters