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.


China confident of achieving key 2019 economic targets: vice premier

Updated 43 min 51 sec ago
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China confident of achieving key 2019 economic targets: vice premier

  • China targets economic growth of between 6 percent and 6.5 percent for the year, compared with 6.6 percent growth last year

BEIJING: China’s economy may face a more challenging environment this year but the government is nevertheless confident of achieving its key 2019 targets, Vice Premier Han Zheng said on Sunday.
Han, speaking at the China Development Forum, reiterated that China will further deepen market-oriented reforms and open up its economy. He also said China’s imports of goods are expected to exceed $12 trillion in the next five years.
China targets economic growth of between 6 percent and 6.5 percent for the year, compared with 6.6 percent growth last year.