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SENS Note - 21 November 2005
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| MTN concludes deal for Irancell
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Shareholders are referred to the cautionary announcement released on SENS on 19 September 2005 and on 20 October 2005 advising that MTN had concluded agreements with the local shareholders of Irancell, the provisional licencee for the second GSM licence in the Islamic Republic of Iran, to become a 49% shareholder in Irancell. Shareholders are advised that MTN is now a 49% shareholder in Irancell. In accordance with the rules and regulations of the second GSM licence tender process, the Minister of Communications and Information Technology of the Islamic Republic of Iran called for payment of EUR300 million, being the up- front licence fee, in terms of the payment guarantee provided by MTN. This payment was made to the Ministry of Communications and Information Technology of the Islamic Republic of Iran on 21 November 2005. The Ministry is currently in the process of issuing the licence to Irancell and a further announcement will be made when appropriate. The cautionary announcement in respect of the investment by MTN in Irancell is withdrawn.
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