South Africa’s MTN Eyes Expansion in Iran

A senior official with South Africa’s telecom giant MTN Group said it plans to increase its presence in Iran’s lucrative market following the removal of anti-Tehran sanctions.

We’re very excited about Iran and the possibilities there,” MTN’s newly appointed head of strategy, mergers and acquisitions, Stephen van Coller, said in an interview with Reuters.

That digital economy in Iran is going to move fast,” he added.

MTN, which has set aside about $700 million in capital expenditure that includes revamping its network in Iran, is also looking to expand its services to include rapidly expanding its e-commerce offering in a country where it has already invested $22 million in Snapp, a Tehran-based taxi-hailing app.

While our presence in Iran’s e-commerce space is still relatively nascent, it is growing rapidly, particularly in the retail and travel sectors,” Coller said.

Founded with the help of South African government, MTN is seen as one of South Africa’s biggest corporate successes of the post-apartheid era but in recent years it has been regarded as a stock with limited growth outlook.

(Source: Tasnim, under Creative Commons licence)

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