Orascom Telecom Media and Technology Holding (OTMT) plans to use proceeds of selling its stake in MENA Cables in expanding into new sectors.
The company aims to mainly expand in the financial sector, as well as in the real estate, agricultural industries, entertainment, logistics sectors, OTMT said in a filing to the Egyptian Exchange (EGX) on Monday.
OTMT noted that selling MENA Cables has been consistent with selling its non-core assets.
Upon this sale transaction, the company aims to boost its profitability and support its strategy to develop high-return work, OTMT indicated.
Telecom Egypt (TE) on Monday announced that its subsidiary Egyptian International Submarine Cables Co (EISCC) has implemented an agreement to buy OTMT’s share in its subsidiary MENA Cable at a value of $90 million.