Category: Media releases
For the attention of the Editor, My Broadband
MTN is dismayed to read the headline of My Broadband’s latest article, written by Hanno Labuschagne (29 April 2026 ‘MTN South Africa CEO paid R18 million for two months’ work’), which is misleading.
The figure quoted represents MTN SA CEO Ferdi Moolman’s total remuneration – not simply salary paid – and most of it accrued over three years. We request that you correct the My Broadband headline without delay.
In line with reporting requirements, every year in our Integrated Report MTN Group details the single-figure remuneration for executive directors and prescribed officers. Ferdi Moolman is a prescribed officer.
As your article says in paragraph five, the bulk of this remuneration consists of long-term incentives (LTIs) – or the value of shares that have been allocated to executives as part of their remuneration.
LTIs made up more than R14 million of the total remuneration attributed to Ferdi Moolman in 2025.
The LTI awards at MTN are based on performance, with key performance indicators (KPIs) linked to MTN’s strategic priorities measured over a three-year period.
On page 29 of our 2025 Remuneration Report, we give details of the KPIs related to the December 2022 award – which vested in December 2025. As a participant in the MTN Group LTI scheme, Ferdi Moolman’s LTI benefit as shown on page 35 of the Remuneration Report reflects this three-year performance achievement.
The LTI that vested represents value generated through the appreciation of the MTN Group share price over the past three years.
MTN requests a correction to your headline, making clear that Ferdi was not paid R18 million for the two months that he was CEO of MTN SA. His earnings, including benefits, were worth R1.93 million in that time. In addition, he was awarded a short-term incentive (STI). The value of his LTI was R14.1 million.
ENDS.
MTN Group announces the release of our annual reports for 2025. Produced under the theme of ‘Accelerating impact. Empowering Africa’, the suite of 13 reports provides a comprehensive review of strong delivery in our work of leading digital solutions for Africa’s progress.
“In the context of complex and often challenging geopolitical and operating conditions, 2025 was a year of numerous MTN milestones, which were achieved with the support of our many different stakeholders,” says MTN Group President and CEO Ralph Mupita. “We invite you to read our 2025 reports, which strive to provide meaningful information tailored for numerous distinct audiences.”
Our flagship Integrated Report tells the overall MTN value-creation story, detailing our strategic achievements and evolution. It unpacks MTN’s excellent commercial momentum in our key markets and broader positive contribution across other markets in 2025. It details sustained growth in data and fintech, disciplined execution, focus on driving leading customer experience, and continued investment in network quality in the year.
Reflecting integrated thinking at the Group, this information helps our investor community and other stakeholders better understand the Group’s overall health and prospects. It is published alongside sustainability, financial and people reports as well as other important information for our shareholders.
By extending digital and financial inclusion, we drive economic growth and create value that gives Africans hope, dignity and opportunity. In our Sustainability Report you will find details of our progress against our shared value key performance indicators. These show how we are building a more resilient organisation, environment and society.
The regulatory landscape and compliance requirements in our industry and markets remain complex and dynamic. As a responsible and compliant corporate citizen, we publish the annual Tax Transparency Report. Key to our licence to operate, it shows that our total tax contribution to tax authorities across our markets reached R61.1 billion in the year.
In a competitive environment for digital talent, MTN needs future-fit skills to deliver on our purpose. Our People Report shines a light on our resilient and adaptable people and values-based culture. It also unpacks our progress in navigating the shifts in the nature of work and the workplace in a world where AI has the potential to fundamentally transform both.
“As digital infrastructure becomes ever more central to economic participation, democratic life and social cohesion, the role of telecoms providers is no longer neutral,” says Mupita in a foreword to our annual Transparency Report. “Connectivity shapes power, access and opportunity. Our responsibility – as shown in this report – is to ensure this power is exercised with integrity and respect for digital human rights.”
Africa is facing increasing climate impacts alongside energy constraints that challenge the pace of decarbonisation. Our Climate Report sets out how we progressed from defining our climate ambition to embedding it into delivery in 2025. It also shows how we surpassed our emissions reduction target in the year, cutting scope 1 and 2 emissions by 48% off a 2021 baseline.
The suite of annual reports also includes a Notice of Annual General Meeting, which invites our shareholders to participate in our virtual meeting on 29 May 2026. Our Remuneration Report provides transparent disclosure of the remuneration of our leadership based on performance against strategic priorities.
Our ESG Data Booklet is a convenient resource for those interested in detailed disclosures relating to MTN’s planet, people, ethics and governance matters. As well as relevant statistics, it highlights our policy and position statements on various ESG issues as well as a comprehensive GRI disclosure index.
“MTN’s compelling investment case is underpinned by the growth opportunities arising from the strong structural demand for data and fintech in our markets. We are committed to executing our strategy while creating shared value in our host markets, with sustainability at the core,” concludes Mupita. “We thank our stakeholders for their ongoing support.”
Explore the reports here: https://www.mtn.com/annual-reports/
MTN Group is pleased to announce the appointment of Lwazi Bam as Group Chief Risk Officer (GCRO) responsible for leading MTN’s enterprise-wide risk management and compliance functions across the group. In this role, Bam will be a member of the Group’s Executive Committee.
The appointment is effective 1 June 2026 and is part of leadership changes to strengthen the execution and delivery of the Group’s strategy to capture value from the structural growth opportunities brought about by accelerated data adoption and financial inclusion across Africa.
Bam brings with him more than two decades of senior leadership experience, including in risk oversight. He previously served as CEO of Deloitte Africa and Southern Africa, responsible for building and integrating a pan-African business.
“Lwazi Bam joins MTN at an exciting time in our journey, as we embark on our Ambition 2030 strategy,” said MTN Group President and CEO Ralph Mupita.
“He brings with him strong leadership and experience in leading large, complex businesses across multiple markets, combined with a deep understanding of risk, regulatory and governance frameworks. I believe this will stand MTN in good stead as we work to lead digital solutions for Africa’s progress.”
During his time at Deloitte, Bam led complex, multi-jurisdictional operations in highly regulated environments and strengthened risk, governance and capital discipline frameworks across the franchise.
In addition to his executive leadership experience, Bam has served on the boards of major institutions, contributing his expertise in governance, risk oversight and board-level stewardship. He has been a member of risk and audit committees and has worked closely with regulators and supervisory bodies. A chartered accountant by training, his board experience includes Standard Bank Group and Standard Bank South Africa, SAICA, ZEDA Limited, Valterra Platinum and Woolworths.
“I am inspired by the impact MTN Group is making across the continent and excited to be joining a company whose purpose is leading digital solutions for Africa’s progress,” said Bam.
In November 2025, changes to the Exco included GCRO Ferdi Moolman’s appointment as CEO of MTN South Africa.
In line with our purpose of leading digital solutions for Africa’s progress, MTN Group and major subsidiary MTN South Africa each sustained a Level 1 Broad‑Based Black Economic Empowerment (B‑BBEE) contributor status in 2025.
This leading ranking – for the sixth year running for MTN Group and seventh year in a row for MTN SA – is contained in MTN’s annual B-BBEE compliance report compiled by an independent verification agency.
“For MTN, long‑term business success and societal progress are deeply interconnected,” said MTN Group President and CEO Ralph Mupita. “Maintaining a Level 1 B‑BBEE status over many years reflects this.”
B‑BBEE aims to address economic inequalities, expand economic participation and strengthen long‑term resilience in South Africa. MTN’s strategic priority to ‘create shared value’ includes work to drive digital and financial inclusion across our markets, supporting economic development and creating a more connected and equitable Africa.
MTN’s sustained Level 1 performance is underpinned by consistent progress across the scorecard, including strong outcomes in the category of ‘Skills Development’, alongside continued momentum in ‘Enterprise and Supplier Development’ and ‘Socio‑Economic Development’.
Leadership transformation continues to advance at the highest levels of governance – the MTN South Africa and MTN Group Board of Directors. MTN’s investment in skills development also responds directly to South Africa’s pressing need for future‑ready capabilities.
During 2025, MTN supported 492 learnerships, graduate programmes and targeted skills interventions, with a strong focus on digital and technical skills that enhance employability, business sustainability, and participation in the digital economy.
‘Preferential Procurement’ remains a powerful lever for inclusive growth and a key enabler of MTN’s Ambition 2030 strategy. During 2025, MTN spent R8.8 billion with 51% Black‑owned suppliers and R11.6 billion with 30% Black women‑owned suppliers, leveraging our scale to strengthen enterprises, deepen local participation, and stimulate economic ecosystems across the country.
“By using our procurement spend, skills programmes and partnerships to enable real economic participation, MTN South Africa is driving impact that extends well beyond compliance,” said MTN South Africa CEO Ferdi Moolman.
Through the MTN South Africa Foundation, we continue to deliver tangible impact in education and digital inclusion. Initiatives such as the MTN Online School, reaching 905,000 learners, and the MTN Skills Academy, reaching 25 023 beneficiaries, focus on women and youth and support pathways to employability, entrepreneurship and sustained participation in the digital economy.
MTN remains committed to embedding transformation across its entire value chain, ensuring that procurement, skills development, enterprise support, and community initiatives are rooted in local realities. Through this approach, we continue to enable inclusive growth, strengthen economic resilience, and contribute to a more equitable and digitally connected South Africa.
In September 2025, MTN Group, in partnership with the University of Johannesburg (UJ) and the African Editors Forum (TAEF), launched the MTN Pan-African Media Innovation Programme (MIP) at MTN Group Headquarters in Johannesburg. The launch marked the expansion of a proven national initiative in Nigeria into a continent-wide platform aimed at strengthening the future of African journalism.
Following this announcement and subsequent programme preparation, applications are now invited for the 2026 MTN Pan-African MIP cohort. Applications close on 8 May 2026.
The MTN Pan-African MIP is a 12-week certified learning journey delivered over 6 months, combining online academic modules with an in-person immersion in Johannesburg. The programme is designed to address the practical and strategic realities facing contemporary journalism, including digital transformation, media sustainability, ethics and law, innovation in newsroom practice, and the impact of platforms and emerging technologies on the information ecosystem.
Fellows will also participate in newsroom immersion, industry masterclasses, study visits, and structured peer engagement that connects academic learning with real-world application.
Beyond formal learning, the programme is intended to build a Pan-African community of practice, enabling sustained collaboration, professional exchange, and cross-border learning among journalists, editors, and media leaders across the continent.
Applications are open to mid- to senior-level journalists, editors and media practitioners from MTN markets. Applicants should demonstrate strong professional experience, a commitment to ethical journalism, and an interest in innovation and cross-border engagement. For eligibility criteria and application guidance, please visit: https://www.mtn.com/media-innovation-programme/
Following the close of applications, candidates will be reviewed and shortlisted independently by UJ and TAEF based on professional merit, potential impact, and their commitment to the evolution of African media.
Nompilo Morafo, MTN Group Chief Sustainability and Corporate Affairs Officer, says a vibrant, resilient and innovative media ecosystem is essential for Africa’s progress. “Through the MTN Pan-African Media Innovation Programme, working with UJ and TAEF, we are investing in the future of journalism by equipping media professionals with the skills, networks and tools they need to navigate a rapidly changing information landscape. This initiative reinforces MTN’s commitment to supporting strong, ethical and sustainable media across our markets, and to fostering the voices that shape our continent’s stories”.
Professor Sifiso Mnisi, UJ’s Director for Centre for Data and Digital Communications, said the future of African journalism depends on the continuous development of critical thinking, ethical leadership and innovative newsroom practice. “Our partnership with MTN and TAEF allows us to equip media professionals with the academic grounding and practical exposure needed to thrive in a rapidly evolving information environment. We are proud to contribute to a programme that strengthens media excellence across the continent.”
Said Churchill Otieno, the President of TAEF: “For Africa to deepen democracy and social cohesion, we need newsrooms that are strong, independent and capable of adapting to fast‑changing media dynamics. The Pan-African Media Innovation Programme provides a vital platform for journalists and editors to sharpen their skills, collaborate across borders, and innovate in the interests of the public”.
For the 13th year in a row, MTN has been named South Africa’s most valuable brand by Brand Finance, which assigned the Group a brand value of R50.9 billion in 2026.
“We appreciate this accolade, which encourages us to keep delivering on our purpose of leading digital solutions for Africa’s progress,” said MTN Group President and CEO Ralph Mupita, adding that it came soon after the launch of MTN’s Ambition 2030 strategy, which has a renewed focus on providing the leading customer experience across markets.
MTN serves more than 300 million customers at its mobile operations in 16 countries.
“It also reminds us of the many partners on whom we rely in our work to extend digital and financial inclusion so that no-one is left behind. I would like to thank all of them, and our other stakeholders for their continued support,” Mupita said.
The Brand Finance award comes after MTN Group was inducted into the inaugural Brand Africa Hall of Fame in January. That honour acknowledged brands that have demonstrated sustained excellence and influence on the continent over the past decade.
Read the full report here: https://brandfinance.com/press-releases/south-africas-top-100-brands-grow-12-to-r771-billion-in-2026
MTN Group on Friday announced changes to the MTN Group Board of Directors, with the appointment of five new directors whose collective and diverse expertise and experience are expected to significantly enhance the Group as it works to extend digital and financial inclusion across Africa.
Effective 31 March 2026, Herman Bosman, Advocate Ouma Rasethaba, Stéphane Richard, Ignatius Sehoole and Saf Yeboah-Amankwah will join the Board as independent non-executive directors.
Stan Miller and Nkululeko Sowazi, who have served MTN Group with distinction since August 2016, will retire as non-executive directors at the Group’s annual general meeting on 29 May 2026.
“These changes are part of the Group’s comprehensive succession planning to ensure delivery against our evolved Ambition 2030 strategy. They also reflect ongoing efforts to strengthen governance, expertise and strategic oversight,” said MTN Group Chairman Mcebisi Jonas. “The Board will temporarily expand to accommodate new appointments during the transition period and will gradually reduce as directors retire and succession plans progress.”
Jonas thanked the outgoing directors for their dedicated service, which had been instrumental in guiding the Group through numerous challenges and opportunities. He welcomed the incoming Board members, looking forward to their contribution as the Group delivers on its strategy of leading digital solutions for Africa’s progress.
MTN Group also announced changes to the Board of major subsidiary MTN South Africa. Mike Harper steps down as Chairman on 31 March 2026, after almost a decade of dedicated service, for which the Board expressed its sincere appreciation. Sindi Mabaso Koyana takes over as Chairperson of MTN SA on 1 April 2026. She remains on the Board of MTN Group, as does Noluthando Gosa, who also joins the MTN SA Board.
For more detailed information, see our announcement on the JSE’s Stock Exchange News Service here: https://irhosted.profiledata.co.za/mtngroup/2019_feeds/SensPopUp.aspx?id=543392
Premier Syndicate of Investors Join Together to Accelerate ODC’s Deployment of the World’s First AI-Native Open-Architecture Platform Unifying Communication, Sensing, and Edge Intelligence
ORAN Development Corporation (ODC), a pioneer in AI-Native Radio Access Networks (AI-RAN) and the architect of the U.S.-based Odyssey RAN technology platform, today announced the successful closing of its $45 million Series A funding round. The investment was led by a premier syndicate of global technology and infrastructure powerhouses, including Booz Allen, Cisco Investments, Nokia, and NVIDIA, alongside Tier-1 telecoms AT&T, MTN, and Telecom Italia. This strategic round joins these industry leaders with Phoenix Venture Partners and existing seed investment from affiliates of Cerberus Capital Management, L.P. (“Cerberus”).
This collaboration accelerates the deployment of the world’s first AI-native, open-architecture platform the definitive U.S.-based RAN stack which structurally unifies communication, sensing, and edge intelligence. ODC is currently partnering with top-tier global customers and expects to ramp these and other commercial engagements throughout 2026.
ODC is architecting the “Distributed Compute Grid”—the essential AI processing engine for the world’s digital and physical infrastructure. By integrating NVIDIA Aerial RAN Computer Pro the industry-standard platform for high-performance, software-defined 5G ODC is moving beyond traditional connectivity to enable Robotic AI RAN autonomous, sense-and-respond networking at the forward edge. This infrastructure serves as the sovereign fabric for the AI-Native era, transforming today’s cell sites into high-performance compute hubs capable of orchestrating everything from autonomous Agentic AI and real-time generative inference to the Physical AI applications that secure and define national infrastructure resilience.
A Unified Syndicate for the AI-Native Frontier
“The industry is moving toward software-defined, AI-native telecom networks, which will be essential for the Physical AI era,” said Ronnie Vasishta, Senior Vice President of Telecom at NVIDIA. “ODC’s AI-RAN stack is a key enabler of this shift, turning today’s 5G networks into a distributed AI computing fabric at the wireless edge. By leveraging the NVIDIA Aerial platform to unify high-performance 5G with sensing, ODC is helping to raise the innovation bar for AI-RAN and creating a strong on-ramp to 6G”
Masum Mir, SVP and GM, Cisco Provider Mobility, commented: “As AI intelligence and decision-making moves to the edge, the mobile network becomes the central fabric of the digital economy. We are excited to invest in ODC as AI-RAN has the potential to drive a critical infrastructure transformation, moving the industry beyond simple connectivity and towards simplified, secure and open platforms that can support AI workloads and unlock new services opportunities.”
Cisco, a cornerstone of global networking, sees the ODC platform as the vital link between cloud intelligence and edge execution across all sectors.
The global scale of the ODC syndicate is further underscored by the participation of leading operators across Africa, Europe, and the United States.
“AI is a fundamentally new workload that is reshaping network architecture—driving the need for software-driven platforms, intelligence at the edge, and continuous innovation,” said Pallavi Mahajan, Chief Technology and AI Officer at Nokia. “That shift is putting real pressure on infrastructure and requires architectural change across the network. ODC’s approach to AI-RAN reflects where the industry is heading, moving the RAN toward a more software-driven, AI-ready platform. Nokia’s investment reflects that direction and our focus on enabling AI-native networks across 5G and 6G.”
Mazen Mroue, CEO of MTN Digital Infrastructure, added: “For Africa, AI-RAN represents a leapfrog opportunity to deliver world-class intelligence from our largest cities to our most remote rural villages. By partnering with ODC, we are taking a leadership role in enabling advanced, precision-driven digital solutions across industry landscape in Africa. This isn’t just about connectivity; it’s about building the distributed AI compute foundation required to accelerate financial inclusion, industrial autonomy, and local innovation, serving as a true force-for-good and supporting the development of Sovereign AI across the continent.”
Leonardo Capdeville, Chief Technology Officer at Telecom Italia, commented: “ODC is the platform that unlocks the power of AI-RAN turning the access network into a seamless extension of AI, purpose-built for mission-critical applications that demand ultra-low-latency inference, from eVTOL control to advanced robotics and the intelligent systems that will shape our future.”
As the convergence of AI and connectivity becomes a matter of national security and economic resilience, Booz Allen sees ODC as a critical component of secure, sovereign infrastructure.
“Maintaining technological superiority in a complex global environment requires a fundamental shift from single-use systems to an interconnected, high-velocity infrastructure fabric,” said Bill Vass, Chief Technology Officer at Booz Allen. “By integrating ODC’s AI-RAN architecture into our mission-critical solutions, we are accelerating the modern technology flywheel where communication, sensing, and edge compute converge. This unified ‘Nervous System’ provides the resilient, software-defined foundation necessary to deploy Sovereign AI at speed and scale—protecting critical national infrastructure and ensuring our nation stays ahead of emerging threats.”
Industry Perspective: The Road to Artificial Super Intelligence (“ASI”)
The announcement comes as the industry reaches a pivotal turning point in the convergence of AI and telecommunications. SoftBank Corp., a pioneer in the AI-RAN ecosystem, highlighted ODC’s vision for transforming traditional networks into intelligent compute hubs.
“We are on our way to a new era of Artificial Super Intelligence where robotics will revolutionize every industry on Earth,” said Ryuji Wakikawa, Vice President and Head of the Research Institute of Advanced Technology at SoftBank Corp. “ODC’s platform is a critical link in the autonomy stack. Their ability to provide low-latency command and control through existing infrastructure enables autonomous systems to scale globally. We have been working tirelessly to nurture a global ecosystem where ASI is delivered to society on a simple, accessible and trustworthy platform. The emergence of AI-native players like ODC is a powerful validation of this vision and the path toward ASI.”
Concluding the announcement, Dr. Shaygan Kheradpir, Chairman of ODC, noted the broader potential for civilizational impact of its platform:
“The successful raise of our Series A allows us to scale our engagement with global partners who recognize that the wireless edge is the ultimate frontier for AI,” said Dr. Kheradpir. “This is more than a technical deployment; it is a technological odyssey to build a U.S.-based nervous system of the physical world. Our platform transforms the network from a communication pipe into a Distributed Compute Grid—a global network of Token Factories capable of everything from general AI inference to the real-time spatial sensing required for autonomous systems. We are now focused on ramping our engagements and accelerating the commercial deployment of this intelligent infrastructure throughout 2026. From powering industrial robotics to protecting critical national infrastructure, ODC is enabling the fabric that makes the physical world intelligent and sovereign.”
MTN Group posted excellent operational and financial results for 2025, delivering significantly on our Ambition 2025 strategy and transitioning to Ambition 2030 priorities to capture value from the attractive structural growth opportunities brought about by accelerated data adoption and financial inclusion across Africa.
We reported very strong commercial outcomes led by MTN Nigeria and MTN Ghana; a resilient performance from MTN South Africa; robust free cash flow; improved return generation; and a 45% jump in the dividend.
We also unveiled an enhanced shareholder remuneration framework, including a R6 billion share buyback programme, and re-affirmed our medium-term guidance, updating our return and leverage metrics.
“The Group’s overall performance in 2025 was excellent. In the final year of our Ambition 2025 strategy, we were proud to have exceeded the 300 million customers milestone in line with our priority to deepen digital and financial inclusion,” said MTN Group President and CEO Ralph Mupita.
At 31 December 2025 across 16 markets, we served more than 307 million voice, 172 million data and 70 million Mobile Money customers. Increases were supported by diligent commercial execution as well as sustained investment of R38 billion to enhance the capacity, coverage and quality of our networks and platforms.
MTN’s data traffic accelerated by 27%, with average monthly data use per customer up at 12.5GB from 10.8GB. We continued to scale our fintech platform, growing the ecosystem and benefiting from greater customer take-up of more advanced services. This supported a 15% increase in the volume of transactions to more than 23 billion in the year, with total transaction value topping US$500 billion.
In line with our commitment to create shared value, we contributed approximately R150 billion in economic and social value across Africa; expanded broadband coverage to more than 94% of the population; and cut the cost of data to communicate for customers by an average 14%. Our work with communities, nation states and other stakeholders led to the achievement of our strongest reputation and trust scores since the launch of our Reputation Index Survey in 2019.
Underpinned by improved macroeconomic conditions, the Group increased service revenue by nearly a quarter to R218 billion. In constant-currency terms MTN Nigeria and MTN Ghana – which announced results in late February – lifted service revenue by 54.9% and 35.9% respectively. MTN SA increased service revenue by 2.0%, demonstrating operational resilience and sustained commercial momentum as it navigated the challenges of a mature and competitive market.
At R98.5 billion, earnings before interest, tax and amortisation (before once-off items) were up by more than a third in constant currency. This was supported by expense efficiencies of R3.6 billion in the year. Basic earnings per share (EPS) swung from a loss in 2024 to a profit in 2025 and adjusted headline EPS increased by 67%.
With a sustained healthy financial position and balance sheet flexibility, MTN declared a dividend of 500 cents per share from 345 cents in 2024, comfortably outstripping the minimum 370 cents the Board of Directors had anticipated.
The Group also announced an evolution of strategy, unveiling Ambition 2030, which streamlines our execution approach into three principal platforms of choice for consumers, homes and businesses: Connectivity; Fintech; and Digital Infrastructure. Through the strategy, we are energised to provide the leading customer experience, leveraging AI for growth and creating shared value.
While remaining vigilant to evolving risks in global geopolitics, Mupita said Ambition 2030 embodied the right framework to sustain MTN’s medium-term growth and value-creation journey: “We are hugely excited about Africa’s potential and are well positioned to leverage our scale, footprint and brand leadership to capture the significant structural growth opportunities identified. We are committed to accelerate our impact and empower the people, businesses and nation states we serve.”
For more detailed information, see our announcement on the JSE’s Stock Exchange News Service here.
MTN Group President and CEO Ralph Mupita has met with Syrian Arab Republic Minister of Communications and Information Technology His Excellency Abdulsalam Haykal on the sidelines of the Mobile World Congress in Barcelona.
The two parties formalised an agreement to regularise MTN’s exit from Syria, with the intention that both sides implement the agreement imminently.
In August 2021, MTN Group announced its decision to abandon the MTN operation in Syria given regulatory actions and demands that made operating in the country untenable.
MTN first announced plans to exit the Middle East in 2020, as part of a strategy to focus on its African operations. The Group finalised its exit from Yemen in 2021 and from Afghanistan in 2024. It is still seeking to exit its 49% investment in Iran, but this has been complicated by US sanctions.