Telecom Egypt on Sunday announced that its board has approved the acquisition of 50% of its subsidiary Egyptian International Submarine Cable Company “EISCC”.
Egypt’s largest internet provider has purchased the new stake for $15 million, according to the company’s recent statement.
In mid-September, Telecom Egypt had revealed that EISCC had completed the acquisition of Middle East and North Africa Submarine Cable “MENA Cable” from Orascom Investment Holding “OIH” with a total cost of $90 million.
“The completion of today’s transaction marks the second fully owned submarine cable by Telecom Egypt in addition to TE North,” Ahmed El Beheiry, managing director and CEO of Telecom Egypt, commented.
For the first half of 2018, the state-owned landline monopoly’s net profit fell 18.2% to EGP 2.06 billion, from EGP 2.52 billion in H1-17.
By the end of Thursday’s session, Telecom Egypt’s stock fell 5.19% at EGP 10.77.