File picture: Siphiwe Sibeko

Johannesburg - Shares in MTN drop over 2 percent as the mobile operator announces plans to take over its Cyprus subsidiary and disappointing quarterly results of its competitor.

MTN said it would be buying the remaining 50 percent stake in its Cyprus operation, giving it sole ownership of the company. MTN Cyprus has a third of the market share in that country. The deal is still subject to regulatory approval.

Smaller mobile rival Vodacom is also down 5 percent after quarterly revenue rose by a modest 1.7 percent.

MTN shares are trading at 179.25 rand, down 2.4 percent while Vodacom is trading at 115.30 rand. - Reuters