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MTN to acquire full ownership of Cyprus subsidiary

6th February 2013

By: Creamer Media Reporter

  

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Telecommunications firm MTN Group would buy the 50% stake in the MTN Cyprus subsidiary it does not already own from its local partner Amaracos Holdings, giving the group full ownership of the subsidiary.

This formed part of MTN Group’s strategy to consolidate its investments and would provide further opportunities to accelerate its product and service offerings to the Cypriot market. 

MTN Group acquired its initial investment in MTN Cyprus in 2006.

Since 2008, MTN Cyprus has grown its market share from 14% to about 33% and its subscribers from 105 000 to 316 000 as at September 30, 2012.

“MTN Cyprus is well established within a market that has good potential for accessing innovation and knowledge sharing that can benefit the overall MTN group,” MTN Group CEO Sifiso Dabengwa said.

The acquisition was subject to approval by the Republic of Cyprus Commission for the Protection of Competition.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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