Cosmote increases stake in Albanian Mobile Operator

TIRANA, March 9 – Greek telco, Cosmote has agreed to buy the 12.6 percent stake of its Albanian subsidiary AMC, held by the Albanian government. The agreement was signed by Cosmote Deputy CEO Michael Tsamaz and Albania’s Deputy Minister of National Economy Enno Bozdo.
The capital stake was bought for 48.2 million Euros.
Following the completion of the transaction, Cosmote will own directly or indirectly a 95 percent stake in AMC.
Cosmote Deputy CEO Michael Tsamaz said: “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’s 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 percent. The other dominant operator is Vodafone, and there is a new entrant in the market, Eagle Mobile.