MTN has moved several hundred million dollars out of Iran, according to a report by Fin24.
The company has been trying to “repatriate” $1 billion from the country, stated the report. The latest move was done with the help of European banks.
“MTN expects to bring the entire sum home by the end of the first quarter,” said people familiar with the matter.
The money in Iran includes a $430-million loan repayment from the 49%-owned venture MTN IranCell Telecommunication Services.
“While Iran is one of MTN’s most important markets, frictions with the US could resurface at any time,” stated the report.
The report stated that Iran is MTN’s third-biggest market, and will soon overtake Nigeria’s number two position.
MTN declined to comment on the claim it had started to move money out of Iran.