Cosmote Increases Stake in Albanian Mobile Operator

Greek telco, Cosmote has agreed to by the 12.6% stake of its Albanian subsidiary AMC, held by the Albanian government. The agreement was signed by Cosmote Deputy CEO, Mr. Michael Tsamaz and Albania's Deputy Minister of National Economy, Mr. Enno Bozdo.

The cash consideration for the above capital stake stands at €48.2 million (US$60.5 million).

Following the completion of the transaction, Cosmote will own directly or indirectly a 95% stake in AMC.

Cosmote Deputy CEO, Mr. Michael Tsamaz, commented: "In a challenging global financial environment, Cosmote remains committed to its growth plan across SE Europe. The increase of Cosmote's stake in its Albanian subsidiary, AMC, will further improve the Group's cash flow management and further enhance the company's growth prospects. AMC is the mobile market leader in Albania, while its EBITDA margin ranks amongst the highest in Europe. AMC's contribution to Cosmote Group overall performance is significant".

Figures from the Mobile World subscriber tracker confirms that the operator ended last September with 1.3 million customers - representing a market share of just over 50%. The other dominant operator is Vodafone, and there is a new entrant in the market, Eagle Mobile.

On the web: AMC - Mobile World

Posted to the site on 5th March 2009