MTN, Africa's largest mobile operator, is still trying to repatriate some R7 billion from Iran, and continues to engage authorities.
The Middle Eastern country has been beset by sanctions, because the US is convinced it was developing nuclear arms. MTN has had money tied up in what is its second-largest operation since 2012.
However, the group, which has more than 200 million subscribers across its 22 countries, has not been beset by the violence that has shaken Iraq.
That Middle Eastern country has been facing a mounting Sunni insurgency, Reuters reports.
Paul Norman, MTN's group chief human resources and corporate affairs officer, says there is currently no spill-over effect on Irancell from the issues in Iraq. However, he notes the group has around R7 billion tied up in Iran.
"MTN continues to engage the relevant authorities in Iran and the US with the aim of finding an appropriate and mutually acceptable solution to repatriate the cash in Iran."
The group has been in talks to find a means of repatriating its funds for several months. Last August, CEO and president Sifiso Dabengwa said it was working through a mechanism that he hoped would provide a resolution by December.
MTN's operations in Iran have been hard hit by the weak economy. In the quarter to March, MTN Irancell increased its subscriber base by a percent, to 41.8 million. The slower than expected gross connections were impacted by the weaker economy, a highly-penetrated market, and increased promotional activities from GSM competitors, MTN said.
To address the situation, MTN launched "innovative promotional offers". MTN also continues to be embroiled in a lawsuit brought against it by Turkcell, which claims MTN acted illegally in order to have the Iran GSM licence awarded to it.
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