South African telecom giant MTN Group has announced the acquisition of a 50 percent stake in MTN Cyprus from Amaracos Holdings for an undisclosed fee, thereby boosting the Group’s holdings in the company to 100 percent.

The parent company said the acquisition is in line with its long term goal to consolidate its investments, adding that it also provides opportunity for the group to better serve the Cypriot market.

MTN CEO Sifiso Dabengwa said that: “MTN Cyprus is well established within a market that has good potential for accessing innovation and knowledge sharing that can benefit the overall MTN group.”

The transaction awaits approval from the Commission for Protection of Competition of the Republic of Cyprus.

According to Fin24, in 2006, MTN acquired its initial stake in the Cyprus unit when it bought a 100 percent stake in Investcom LLC, a parent company with presence in 10 countries in Africa and the Middle East.

The Cyprus business has since 2008 increased its market share from 14 percent to about 33 percent while its subscribers surged from 105,000 to 316,000 as at September 2012.