MTN Surges on $375 Million Share Buyback Plan Amid Iran Joint Venture Writedowns
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MTN Group Ltd. surged the most since March after Africa’s biggest mobile-network operator said it will buy back 6 billion rand ($375 million) of shares and reaffirmed its three- to five-year revenue and capital guidance, even as writedowns at its Iranian joint venture weighed on earnings.
The buyback plan comes as MTN faces challenges in its Iranian operations, but the company remains optimistic about its future growth prospects.
MTN
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“MTN Group Ltd. surged the most since March after Africa’s biggest mobile-network operator said it will buy back 6 billion rand ($375 million) of shares”
Bloomberg — MTN Climbs on Buyback Plan; Plans Iran Exit If Sanctions Lift