Telecommunication giant, MTN has quit its operations in Cyprus, the third largest Mediterranean Island, in a bid to invest more in African markets. MTN is already operating in over 22 countries across Africa, and the Middle East, while its only presence in Europe is in Cyprus.
The telecommunication recently announced that it has divest its Cyprus units for $305 million. The Corporate Relations Executive of MTN Nigeria, Tobechukwu Okigbo confirmed this during an interview with the Guardian newspaper that focuses on MTN in Africa, Nigeria in particular.
“MTN just sold its only European operation in Cyprus to focus on other key markets, which is Africa. As we speak, the focus of MTN is Africa, and Nigeria is a very key market, a priority one for that matter and it is investing.”
Recall that in February, the telecoms company revealed its intention to raise $400 million through an Initial Public Offer (IPO) for its Nigerian unit on the Nigerian Stock Exchange (NSE). An IPO is the very first time a company sells its shares to the public on a stock exchange.
Also in April, MTN commenced the process of its IPO with the appointment of some banks and brokers to help with the listing. The financial institutions selected to handle the IPO include Renaissance Capital, FirstRand Limited’s Rand Merchant Bank, Nigerian firm Chapel Hill Denham, Vetiva Capital to work with global co-ordinators Citigroup Inc and Standard Bank Group Limited.
Formerly known as M-Cell, MTN Group Limited is a South Africa-based multinational mobile telecommunications company, operating in many countries, including Nigeria.
It offers cellular network access and Information and Communication Technology (ICT) solutions. The company also provides Internet services, such as video calling, data services and Internet browsing, mobile Internet, and mobile WiFi services. In addition, it offers international roaming services, including data roaming, in-flight roaming, and WiFi roaming services. The company also provides voice SMS, fashion and lifestyle tips, mobile TV, bulk SMS service, mobile newspaper, radio, back up, conference call, and missed call alert services.
Since its establishment in 2001, MTN Nigeria which has been focused on making connections that matters, has since grown into Nigeria’s leading mobile telecommunications provider, serving over 52 million subscribers, with a large national coverage and a fibre network that reaches every state in the country.
MTN Nigeria also has the largest subsidiary in the MTN Group, a multinational telecommunications group that offers world-class cellular network access, and business solutions to over 210 million subscribers in 22 countries across Africa and the Middle East.