Investcom still in regional mobile race
The Lebanon-based telecomms group has added Cyprus's second GSM license to its list of regional mobile network assets.
You've heard of Orascom, MTC and Wataniya, but don't forget Investcom, another player in the region's rapidly consolidating mobile telecomms industry. The Lebanon-based group recently acquired the license to launch a second GSM operator in Cyprus.
The new operator, Scancom, paid the equivalent of US $25.63 million to compete with the country's state-owned mobile incumbent. Scancom joins LibanCell in Lebanon, Spacetel Syria and Spacetel Yemen on Investcom's list of mobile network assets.
"The Cypriot license represents a cornerstone project for Investcom Holding for various reasons, the most important one being the penetration of the European continent," says Jamal Ramadan, executive director of Investcom.
"Cyprus is a very competitive market and we take personal pride in claiming our superiority and expertise in the telecommunications business."