MTN boosted by lifting of Iran sanctions

Johannesburg - Shares in Africa’s biggest mobile network MTN gained over 2% on Monday in trade amid the lifting of sanctions in Iran.

MTN [JSE:MTN] owns 49% of Irancell, which is Iran’s second biggest mobile network with over 45 million subscribers.

By 14:18 on Monday, MTN’s share price on the Johannesburg Stock Exchange increased over 2.5% to R121.06 after global economic sanctions on Iran were lifted. The sanctions were lifted following a deal on Iran's nuclear programme.

MTN was previously restricted from repatriating money from its Iran business amid the sanctions.

In August last year, MTN said it planned to repatriate just over $1bn in accumulated dividends from its Iran operations pending the removal of sanctions.

The MTN group has approximately 228 million subscribers in 22 countries across Africa and the Middle East