Search MTN invests further into Iran

MTN invests further into Iran ... 08/05/2017 Economy

Keywords:#Africa,, #Iran, #Iranian, #Johannesburg, #MTN, #Middle_East, #Nigeria

By Nicola Mawson
JohannesburgMTN, Africa’s largest cellphone company by subscribers, will invest R540 million in Iran.
The company, which already has an operation in Iran, will make the investment into Iranian Fixed Broadband Provider, Iranian Net, for a 49 percent stake.
MTN, which has been trying to repatriate money out if Iran, says it will also make addition investments of about R3.4 billion both equity and loans to facilitate Iranian Net meeting its rollout targets over the next five years.
In a statement issued on Monday, the company notes the preliminary agreement remains subject to finalising suitable transaction agreements.
Iranian Net has a national licence for the construction and operation of an optical data transmission network and fibre optic access network across Iran.
This investment, should it be completed, represents an opportunity to capitalise on the continued strong growth expected in the Iranian broadband market, with an initial focus on eight of the main cities, says MTN.
MTN has recently been battling and has revamped its executive team following a mammoth R10 billion fine in Nigeria.
It received the find for not cutting off unregistered mobile users.
Read also: MTN delivers first ever loss
The fine was one of the reasons for its reporting its first ever loss for the year to December.
In March, the mobile giant reported its first ever loss of 77c a headline share.
This was despite a 3.3 percent increase in subscribers to 240.4 million.
MTN also noted in March that its earnings before interest, tax, depreciation and amortisation for the year to December declined 13.2 percent to R51.98 billion as revenue increased marginally by 0.4 percent to R146.9 billion.
The listed company, with operations in Africa and the Middle East, noted its results “reflect the most challenging year in the company’s 22-year history, precipitated by a number of material regulatory, macro-economic and political challenges experienced across our regions”.
--- ---

Read more from Source »

Related articles based on keyword density
A Taste of Persia in Los Angeles ... 08/06/2016 Cuisine
By Lauren R. Rublin Persian cuisine is among the most savory of Iran’s exports, and one of the best places to sample its herb-and fruit-laced dishes i...View Details»

MTN plans expansion in Iran ... 29/11/2016 News
By Nqobile Dludla Johannesburg - MTN Group, Africa's biggest mobile phone company, is planning to expand in Iran, from where it has only just managed ...View Details»

Iran Plans Higher Fees for Riskier Oil Fields in New Accords Iran Plan... 25/02/2014 Economy
By Golnar Motevalli and Anthony DiPaola Feb 24, 2014 Iran will offer foreign partners incentives to find and pump more crude and natural gas and will ...View Details»

Iran’s water crisis the product of decades of bad planning - The Washi... 03/07/2014 Nature
By Jason Rezaian July 2 at 7:00 AM Follow @jrezaian TEHRAN — Iran is headed for a water shortage of epic proportions, and little is being done to re...View Details»

GLOBAL TOP 1000 WEBSITES 2016 – Ratak IT... 16/03/2017 News
Ratak introduces global Top Websites of 2016 Data for table Top201702 1,Abarkooh,Armenia,Bahram 2,Bahram 3,Britain,Caesar,Carus,...View Details»