South Africa-based multinational mobile telecommunications company MTN said on Tuesday it had concluded the sale of 100% of MTN Cyprus to Monaco Telecom.
MTN announced on July 16 that its wholly owned subsidiary, MTN Dubai Limited, had entered into an agreement for the deal.
"Shareholders are advised that this transaction is now concluded for proceeds of R4.5-billion (€262-million), paid upfront in cash," it said on Tuesday.
It said proceeds from the sale would be used towards the settlement of US dollar denominated debt.