MTN

MTN is one of the largest telecommunications providers in Cyprus. It launched its commercial operations in Cyprus in July 2004 as Areeba, after having successfully won the auction for the second mobile license. Its license covers the use of both GSM and UMTS radio frequencies for the provision of full mobile services. MTN became the new brand name of Areeba in September 2007, following the acquisition of its mother company Investcom LLC by the multinational telecommunications company MTN Group. Launched in 1994, the MTN Group is a multinational telecommunications group, operating in 21 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code “MTN”. As of September 2008, MTN Group has over 81 million subscribers in the countries in which it operates. In October 2008 Amaracos Holding (a company owned by the Shacolas Group of Companies and Panos Germanos) has acquired 49% of MTN Cyprus’ share capital. MTN Cyprus has also acquired 100% the retail chain Germanos, and 100% of Otenet Telecommunications, a fixed telephony and internet service provider in Cyprus. Through these acquisitions MTN has significantly expanded its distribution network with approximately 30 points of sales and is abl