MTN's Cyprus stake bought back

MTN will increase its stake in MTN Cyprus to 100 percent after buying out its business partner Amaracos Holdings for an undisclosed sum. Amaracos has held the 49 percent stake since 2008 when it acquired the shares from MTN for an undisclosed sum. MTN chief executive Sifiso Dabengwa said in a statement that the unit was “well established within a market that has good potential for accessing innovation and knowledge sharing that can benefit the overall MTN Group”. Cyprus ranks among MTN’s smaller operations and grew market share from 14 percent to 33 percent in the past four years. The deal is subject to regulatory approval in Cyprus. MTN fell 3.01 percent to R178.15 yesterday. – Asha Speckman