MTN is one of the largest telecommunications providers in Cyprus. It offers integrated telecommunications solutions for mobile, fixed telephony and broadband services, providing pioneering solutions for private and business clients.
MTN currently owns the most technologically advanced network in Cyprus. With MTN’s private fiber network and the leading HSPA+ technology which guarantees high data speeds, MTN subscribers enjoy high quality and reliability.
The company’s experienced staff comprises approximately 400 professionals with enviable background and knowledge in the telecommunication industry. MTN is also the owner of the largest private retail chain owned by a Telecommunication provider in Cyprus with 18 MTN Stores all over Cyprus.
Aside from its corporate operations, MTN takes the lead in the economic and social life in Cyprus. As a responsible corporate citizen, MTN contributes to the society through sports, education, youth entrepreneurship, culture programmes and corporate volunteerism.
MTN is a member of the MTN Group, a multinational telecommunications company which operates in 22 countries in Asia, Africa and Europe, serving the needs of 200 million consumers. MTN Group is listed on the JSE Securities Exchange in South Africa.
MTN launched its commercial operations in Cyprus in July 2004, 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 integrated mobile services. MTN became the new brand name of the company in September 2007, following the acquisition of its mother company Investcom LLC by MTN Group.
In October 2008 Amaracos Holding (a company owned by Shacolas Group and Panos Germanos) acquired 49% of MTN Cyprus’ share capital. Through this acquisition MTN Cyprus obtained 100% of Infotel Ltd (Germanos retail chain), and 100% of Otenet Telecommunications, a fixed telephony and internet service provider in Cyprus. Amaracos Holding’s share capital was later increased to 50%, a percentage owned by Amaracos Holding until 2013.
In 2009, MTN Cyprus signed a €20 million contract with Huawei Technologies Co. Ltd for upgrading the MTN network. Through this network upgrade, which was completed in 2010, MTN strengthens its position in the Cyprus market and offers higher network speeds, larger network capacity, better quality of voice calls, and broader geographic and population coverage.
In February 2013, MTN Group announced the agreement with Amaracos Holding for acquiring Amaracos Holding’s 50% share capital. As a result, MTN Group owns today the 100% of MTN Cyprus’ share capital.
You can find in below links the financial statements of MTN Cyprus:
2010 | MTN Financial Statement 2010
2011 | MTN Financial Statement 2011
2012 | MTN Financial Statement 2012