Telecom Egypt (TE) on Monday announced that its subsidiary Egyptian International Submarine Cables Co (EISCC) has implemented an agreement to buy Orascom Telecom Media and Technology Holding’s (OTMT) share in its subsidiary MENA Cable at a value of $90 million.
The transaction shall be concluded within 60 days after fulfillment of all previously agreed on conditions, the state’s landline monopoly said in a filing to the Egyptian Exchange (EGX).
TE’s board had approved EISCC’s acquisition of MENA Submarine Cable at a total value of EGP 1.6 billion ($90 million). This value will be financed through a shareholder loan from TE.
It is worth noting that TE holds a 50% stake in EISCC.