MTN Group said on Wednesday that U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord may limit the South African telecoms firm’s ability to repatriate cash from MTN Irancell, sending its shares lower.
Trump said on Tuesday he would reimpose U.S. economic sanctions on Iran, which were lifted under the agreement he had harshly criticized.
In 2018, the company had repatriated about 88 million euros ($104.26 million) from MTN Irancell, including 61 million euros relating to the 2017 dividend due to MTN as well as a further 27 million euros of historic dividends.
MTN’s shares were down 2.6 percent at 0745 GMT after earlier falling over 3 percent.($1 = 0.8440 euros)