MTN is about to become a household name in Syria. The South African telecommunications giant has rebranded Areeba Syria, a company it acquired last year as part of its takeover of Lebanon-based Investcom. MTN unveiled its colours at a ceremony in Damascus at the weekend.
MTN, in July last year, paid $5.5 billion for Investcom, which has a presence in 11 countries in the Middle East and Africa, including Syria. The acquisition added 6.1 million subscribers to MTN's portfolio.
At the time, MTN CEO Phuthuma Nhleko said the deal enhanced MTN's growth prospects by securing a number of important new markets.
Investcom was founded in Lebanon in 1982 and operated GSM mobile networks in Benin, Cyprus, Ghana, Guinea Bissau, Liberia, Sudan, Syria and Yemen. It was also recently awarded licences to build and operate networks in Afghanistan and Guinea Republic.
MTN said the buy was part of a programme to enhance its growth profile in Africa and the Middle East, to gain further scale in emerging mobile markets, to strengthen its operational capabilities and to diversify its financial profile.
It has since announced further acquisitions and growth plans.
Related stories:
MTN targets further growth
MTN delivers R52bn revenue
MTN's loss a win
Share