APA

African Press Association

MTN Group signs non-binding preliminary agreement to invest in Iranian Net

MTN

Monday, 08 May 2017

For immediate release

Johannesburg, South Africa – 8th May 2017, –/African Press Association (APA)/– MTN Group today signed a non-binding preliminary agreement to invest approximately R540 million into Iranian Fixed Broadband Provider, Iranian Net, for a 49% stake, with further investments of approximately R3,4 billion in both equity and loans to facilitate Iranian Net meeting its rollout targets over the next five years.

The preliminary agreement remains subject to finalising suitable transaction agreements. Iranian Net has a national licence for the construction and operation of an optical data transmission network and fibre optic access network across Iran.
This investment, should it be completed, represents an opportunity to capitalise on the continued strong growth expected in the Iranian broadband market, with an initial focus on eight of the main cities.

Distributed by African Press Association (APA) on behalf of MTN Group Corporate Affairs

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 31 March 2017, MTN recorded 237 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Ivory Coast, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. Visit us at, www.mtnbusiness.com and www.mtn.com

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