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MTN Group announced today the implementation of its joint venture with Amaracos Holdings, a company owned by Shacolas Group of Companies and Panos Germanos. The joint venture agreement, which was concluded last May, is in force as from today, as all formal and legal procedures have been finalized and the required approvals from the monitoring authorities have been obtained. Through the joint venture, Amaracos Holdings has acquired 49% of MTN Cyprus’ share capital; MTN Group continues to be responsible for the management and administration of MTN Cyprus, whereas Amaracos Holdings will contribute to the further empowerment of the company in the Cypriot market, on a strategic level.
MTN Cyprus has acquired 100% of Infotel Ltd, a retail chain trading as Germanos, and 100% of Otenet (Cyprus) Ltd, a fixed telephony and internet service provider in Cyprus. These acquisitions have expanded MTN’s distribution network and will now enable it to offer comprehensive convergence services. “The aim of this joint venture is to differentiate and extend the ownership of MTN Cyprus, affirming MTN’s commitment to empower its presence in the local market. MTN will now own a broader distribution network and provide fully converged telecoms services”, said MTN Cyprus CEO Mr. Bassel Jamaleddine. “MTN Cyprus has been an active member of the Cypriot society; through the new agreement its Cypriot identity is significantly boosted”, concluded Mr. Jamaleddine.
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