|SENS Note - 06 February 2013|
|MTN to increase interest in MTN Cyprus to 100%|
MTN, through its wholly owned subsidiary, MTN Dubai, has agreed to acquire a 50% equity interest in MTN Cyprus from its local partner, Amaracos Holdings. The transaction will increase MTN's ownership interest to 100%. |
This transaction forms part of MTN's strategy to consolidate its investments and will provide further opportunities to accelerate its product and service offerings to the Cypriot market.
MTN acquired its initial investment in MTN Cyprus in 2006 as part of a larger transaction where 100% of Investcom LLC, a holding company of operations in 10 countries in Africa and the Middle East, was acquired. Since 2008, MTN Cyprus has grown its market share from 14% to approximately 33% and subscribers from 105 000 to 316 000 as at 30 September 2012.
The acquisition is subject to approval by the Commission for Protection of Competition of the Republic of Cyprus.
This transaction is not a categorised transaction in terms of the JSE Ltd. Listings Requirements.
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