| SENS Note - 09 May 2018 |
| MTN - US re-imposes sanctions against Iran |
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On 8 May 2018 the US announced its decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) agreement and to re-impose economic sanctions against Iran. These sanctions may limit the ability of MTN to repatriate cash, both dividends and loans, from MTN Irancell. We will continue to monitor the situation including the response of the Iranian authorities and the other JCPOA members. During 2018 MTN Group has repatriated approximately EUR88 million from MTN Irancell including EUR61 million relating to the full 2017 dividend due to MTN as well as a further EUR27 million of historic dividends. The remaining balance due to MTN is approximately IRR10 000 billion (approximately EUR200 million). MTN remains committed to their investment in Irancell and to repatriating the balance of legacy cash in Iran whilst remaining compliant with appropriate legislation. |
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