MTN aims to become leading telco in Cyprus

19% market share, 159,000 subscribers

MTN Group has started the implementation of its ambitious expansion plan to become the leading telecommunications company in Cyprus together with joint venture partner Amaracos Holdings, part of the Shacolas Group and Panos Germanos. The joint venture agreement, which was concluded last May, came into force on Friday, with the finalisation of all formal and legal procedures and having secured the neccasrry approvals from the regulating authorities.
Amaracos Holdings controls 49% of MTN Cyprus and South African-owned MTN Group will continues to be responsible for the management and administration of MTN Cyprus, the second mobile phone operator with a 19% merkate share and 159,000 subscribers.
MTN Cyprus has also acquired 100% of Infotel Ltd, operators of the Germanos retail chain of telephony and electronics stores, and 100% of Otenet (Cyprus) Ltd, a fixed telephony and internet service provider. These acquisitions have expanded MTN’s distribution network and will now enable it to offer comprehensive convergence services.
“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. MTN will now own a broader distribution network and provide fully converged telecoms services”, said MTN Cyprus CEO Bassel Jamaleddine.
“MTN Cyprus has been an active member of the Cypriot society; through the new agreement its Cypriot identity is significantly boosted”, he added.