MTN’s Dubai subsidiary sells Cyprus business for $304 million

Johannesburg-listed MTN has businesses in 24 countries in Africa and the Middle East. (Reuters)
Updated 16 July 2018
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MTN’s Dubai subsidiary sells Cyprus business for $304 million

  • MTN Cyprus was acquired as part of the acquisition of telecoms holding company Investcom in 2006
  • Johannesburg-listed MTN has businesses in 24 countries in Africa and the Middle East

JOHANNESBURG: South Africa-based mobile telecommunications company MTN Group Ltd. said on Monday its Dubai subsidiary sold its Cyprus business to Monaco Telecom for €260 million ($304 million).
Africa’s biggest mobile telecoms group said that as part of the deal to sell MTN Cyprus it would allow the use of the MTN brand in Cyprus for up to three years for a fee.
MTN Cyprus, which is the South African company’s only business in the European Union, was acquired as part of the acquisition of telecoms holding company Investcom in 2006.
“It falls outside the group’s core footprint of Africa and the Middle East,” MTN said in a statement.
Johannesburg-listed MTN, which has businesses in 24 countries in Africa and the Middle East, is expanding in the continent and plans to launch a mobile service in Namibia in August.


US-Saudi business council reports $13bn in contracts

Updated 24 May 2019
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US-Saudi business council reports $13bn in contracts

  • Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said

LONDON: The value of joint Saudi-US contracts rose to $13 billion in the first quarter of 2019, according to a business council report.

That marked the highest value of awarded contracts since the first quarter of 2015, the US-Saudi Arabian Business Council said.

The value of contracts awarded during the first quarter amounted to about half of the total value in all of last year, it added.

The contracts “included many vital projects, notably in the oil, gas, water and transport sectors,” Abdallah Jum’ah, the co-chair of the council, was reported as saying by Asharq Al-Awsat.

Energy was the top sector, with $3.1 billion of the value of contracts awarded, with many struck by Saudi Aramco. 

Improved oil prices, combined with a government focus on spending, contributed to the rise, the council said.

The construction sector also looks set for a recovery after many projects were put on hold due to the oil-price crash.

“If the pace of awarding construction contracts witnessed during the first quarter of 2019 continues for the rest of the year, the index of awarding construction contracts may return to the range we witnessed before the canceling and postponing of mega projects due to lower oil revenue,” the council said.