MTN ends its telecoms operations in Iran
By the AFREEQUE newsroom, based on Daily Maverick
South African telecommunications group MTN is ending its presence in Iran after eight years during which its Iranian assets no longer contributed positively to its accounts. The break-up is intended to reduce losses deemed costly but necessary, according to the analysis published by the source.
MTN recorded an impairment of 213 cents per share on its assets in Iran, a charge linked to the end of its telecoms activities in the country. The decision follows the reinstatement of US sanctions against Tehran.
The issue dates back to the Iran nuclear deal, concluded on 14 July 2015 between Iran and the major powers. Tehran committed to limiting its nuclear programme in exchange for the lifting of international sanctions. The International Atomic Energy Agency subsequently certified a 98% reduction in Iran’s uranium stockpile, as well as a fall in the number of centrifuges.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
