MTN absorbs Syria’s Areeba

2 Jul 2007

Pan-African cellular services provider MTN Group says it has merged with Syrian telecoms operator Areeba Syria – the ninth biggest merger-ownership in 15 years for the South Africa-based group. The move was confirmed by the Syrian firm last Friday which said a company controlled by its directors had completed the sale of 64.5 million shares, unwinding a hedge fund that helped finance the purchase of their stake. No other financial details were disclosed. Newshelf 664, controlled by MTN directors and staff, still holds 243.5 million of the mobile carrier’s shares, MTN confirmed in a filing to the stock exchange.

Syria, MTN Group, MTN Syria