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Nicosia - MTN aims to expand its distribution network in Cyprus under a joint venture implemented on Friday and said it remains interested in emerging markets.
"On a group level we are keeping an eye open in the region and across the world. Whenever there is a new opportunity especially in the emerging markets... we are highly active at trying to get any participation or new participation," said Bassel Jamaleddine, chief executive of MTN Cyprus.
Its Cyprus joint venture with Amaracos Holdings gives MTN access to Internet and fixed-line markets.
"The aim of this joint venture is to differentiate and extend the ownership of MTN Cyprus, affirming MTN's commitment to empower its presence in the local market," Jamaleddine said.
Amaracos Holdings acquired 49% of MTN Cyprus's share capital in May. The agreement gave MTN Cyprus 100% of electrical and telephone handset retailer Infotel Ltd and of Otenet (Cyprus) Ltd, a fixed telephony and internet service provider.
MTN Cyprus has approximately 150 000 subscribers representing 19% of the mobile market share in the government controlled areas of Cyprus. It competes with semi government owned Cyta.
The MTN Group operates in 21 countries in Africa and the Middle East.
- Reuters