The MTN Group has announced that in a series of stages it will dispose of 50% of its shareholding in Areeba Limited, trading as MTN Cyprus, to Amaracos Holding (CTC&PG) Limited (Amaracos), a company owned by Shacolas Group’s Cyprus Trading Corporation (51%), a pre-eminent listed Cypriot trading group, and Germanos Cyprus Ltd (49%). MTN Group and Amaracos Holding will enter a joint-venture agreement, with MTN continuing to be responsible for managing the operations of MTN Cyprus and Amaracos contributing significant local insight into the Cypriot market.

MTN Cyprus will also acquire 100% of the share capital of Infotel Ltd, a handset retailer in Cyprus, trading as Germanos, as well as 100% of the share capital of Otenet (Cyprus) Ltd, an internet service provider (ISP) in Cyprus. These acquisitions will offer strong distribution support to MTN Cyprus as well as enable MTN Cyprus to offer fully converged telecommunications services to the Cypriot market.

As at 31 March 2008, MTN Cyprus recorded 120 000 subscribers with an estimated market share of 16%.

MTN Group President and CEO, Mr Phuthuma Nhleko, says: “This transaction is intended to broaden the ownership of MTN Cyprus and further reaffirms MTN’s commitment to enabling greater local representation. MTN Cyprus will now have a wider distribution platform as well as be able to provide fully converged telecommunications services.”