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South Africa's MTN plans to invest in Iran's broadband network

Xinhua, May 9, 2017 Adjust font size:

South African telecommunication MTN company has reached a preliminary agreement with Iran to invest over 295 million U.S. dollars in Iran's broadband network, Tasnim news agency reported on Tuesday.

"This investment represents an opportunity to capitalize on the continued strong growth expected in the Iranian broadband market, with an initial focus on eight of the (Iranian ) main cities," MTN said in a statement.

The deal, which is still at a non-binding stage, extends MTN's interests in the Iranian telecoms market.

Earlier this year, MTN invested in Iran Internet Group, which runs a car-hailing app called Snapp.ir.

MTN also said it is considering to pay 40 million U.S. dollars to buy a 49 percent stake in the Iranian Net company and to invest 3.4 billion rand in both equity and loans to help the Iranian company develop a fiber network over the next five years. Endit