Areeba Cyprus reaches 76,000 users

— MTN tops 40 mln subscribers

 

The MTN Group, that acquired the worldwide telecom interests and 8.4 mln subscribers of Investcom last July, continued to show strong growth in Group revenue and subscriber base in 2006. Announcing its annual results, MTN recorded a 73% increase in subscribers to 40.05 mln in 21 countries.

South Africa-based MTN Group has also declared a dividend of 90 cents per share in light of a strong free cash flow generation coupled with its strong financial position.

The Group’s revenue increased by 49% to 52 bln rand driven mainly by the acquisition of Investcom LLC, owner and operator of Areeba Cyprus, and increased subscriber numbers.

The alternative mobile phone operator in Cyprus reported a total of 76,000 subscribers as at the end of December 2006. However, new packages launched since then are expected to bring this number closer to the 100,000 subscriber target very soon.

Investcom subscribers grew 38% in the six-month period from July 2006, reflecting the lower base and greater growth opportunities in these relatively under-penetrated markets. The first quarter of 2007 has shown faster subscriber growth for MTN Irancell that was launched in October 2006 as it improves on coverage, distribution and brand awareness. By March 25, MTN Irancell had recorded more than 1 mln subscribers.

MTN South Africa remains the Group’s largest market with 12.48 mln subscribers, followed by 12.28 mln in Nigeria.

Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. It is listed on the JSE Securities Exchange in South Africa under the share code “MTN”.

The MTN Group is a global sponsor of the 2010 FIFA World Cup South Africa and has exclusive mobile content rights for Africa and the Middle East.