Areeba changes name to MTN in Cyprus

— Y’ello claims 16% market share

 

Just as people started getting used to the Areeba brand, the private mobile phone operator is changing its name to MTN to bring it in line with the products and services widely used by the parent company in 21 countries in Africa and the Middle East.

Apart from the name change, subscribers are already being greeted by the new corporate philosophy promoted through the new campaign, “Y’ello”.

Areeba entered the Cypriot market in July 2004 six months after winning an eleven-round auction bid at CYP 12.75 mln (EUR 21,36 mln) to become the second mobile phone operator on the island, following the state monopoly Cytamobile-Vodafone. It was the first to introduce the 3G network on the island and currently operates a an integrated 3G/2.5G network. With a reported market share of 16% it seems to be on target to reach the 25% minimum penetration rate as set by the licensing authority.

During the auction process, the first of its kind to be held in the liberalised market after Cyprus joined the European Union, Areeba knocked out the likes of Greek telecoms giant OTE and other bidders from Europe.

Areeba was a wholly owned subsidiary of Investcom LLC Luxemburg of Lebanese interests, which in May 2006 was taken over by the South Africa-based MTN Group for USD 5.526 bln.

The MTN Group was established in 1994 and is currently listed in South Africa on the JSE Securities Exchange.

In Cyprus, MTN offers a variety of choices with Pay Monthly and Pay as You Go services. It employs 200 mostly young professionals and is headed by CEO Bassel Jamaleddine.

In June, MTN Group reported over 48 mln subscribers. It is a global sponsor of the 2010 FIFA World Cup South Africa and has exclusive mobile content rights for Africa and the Middle East.