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Iran’s telecom thrills European investors

20 October 2015 14:56

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Two leading European companies are set to buy stakes in Iran’s biggest cellular operator, Mobile Telecommunication Company (MCI), its head Vahid Sadouqi says.

MCI, better known as Hamrah-e Aval to Iranians, dominates 70% of the telecom market share in the country of 80 million and is listed worth over $4.3 billion on the country’s benchmark Tehran Stock Exchange.

“There is quite a lot of enthusiasm among foreign companies in Iran’s telecom industry. In this regard, we have reached agreements with two European operators which I prefer not to name due to the sensitivity of the situation,” Sadouqi said Tuesday.

The state-run Telecommunication Company of Iran owns 90% of MCI and only 10 of the cellular operator’s shares are public, which have seen dramatic gains in recent years.

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