MTN had, at long last, some reason to cheer on Monday after nuclear-related sanctions imposed on Iran were being lifted.<\/p>\n
MTN has a 49% stake in Irancell, Iran’s second-largest mobile phone operator by subscribers, and has been restricted from repatriating as much as $1.1 billion from the unit since 2013.<\/p>\n
It was reported on the weekend that Iran has completed the necessary steps in a deal to restrict its nuclear program, meaning international economic sanctions have been lifted.<\/p>\n
By 13h00, shares in MTN gained 1.63% at R119.71, having hit a daily best of R121.57.<\/p>\n
MTN has endured a torrid time of late amid an ongoing court battle in Nigeria, its biggest market.<\/p>\n
The Nigerian Communication Commission (NCC) fined MTN \u20a61.04-trillion (around R71-billion at the time) in October 2015 for not disconnecting unregistered SIMs on its network.<\/p>\n
After negotiations with Nigerian authorities, the fine was reduced by 25% to \u20a6780-billion.<\/p>\n
MTN then opted to take the matter to court in Lagos, thereby missing a 31 December deadline imposed by the Nigerian government.<\/p>\n
The operator then staved off an attempt by the Nigerian government to freeze its accounts, after the Federal High Court in Lagos turned down the application last week.<\/p>\n
Nigerian scribe, This Day<\/a>, reported that the application was aimed at preventing the mobile operator from emptying its accounts in 21 commercial banks in the country.<\/p>\n MTN’s share price has slumped from a 52-week high of R239.53.<\/p>\n Nigerian court rejects application to freeze MTN accounts: report<\/a><\/strong><\/p>\n MTN in stand-off over massive fine: report<\/a><\/strong><\/p>\n MTN to challenge Nigeria fine in the high court<\/a><\/strong><\/p>\nMore on MTN<\/h3>\n