Johannesburg - Mobile network operator MTN Group [JSE:MTN]
said on Wednesday that it agreed to acquire another 50% stake in MTN Cyprus to
give it 100% control.
This transaction forms part of group's strategy to
consolidate its investments and will provide further opportunities to
accelerate its product and service offerings to the Cypriot market‚ it said.
MTN acquired its initial investment in MTN Cyprus in 2006 as
part of a larger transaction where 100% of Investcom LLC‚ a holding company of
operations in 10 countries in Africa and the Middle East‚ was acquired.
Since 2008‚ MTN Cyprus has grown its market share from 14%
to approximately 33% and subscribers from 105‚000 to 316‚000 by end September
MTN CEO Sifiso Dabengwa said: "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."
The acquisition is subject to approval by the Commission for
Protection of Competition of the Republic of Cyprus.
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