Cyprus Trading Corporation Plc (CTC), member of the Shacolas Group, announces that its subsidiary company Amaracos Holding (CTC+PG) Ltd, in which CTC holds 51% of its share capital, agreed to sell to MTN Group of South Africa, its 50% share in MTN (Cyprus) Ltd. While CTC is confident that MTN (Cyprus) Ltd will continue its successful growth and progress in the future, CTC considers that its investment in MTN Cyprus has reached its investment horizon and current conditions favour a sale and has therefore decided the sale of its investment.

Based on their excellent relations, the two Groups expressed their desire to continue their co-operation and respective support.

The proposed transaction is subject to the fulfilment of certain conditions including the approval of the Cyprus Commission for the Protection of Competition. A detailed announcement regarding the agreement will be issued with the fulfilment of these conditions.