Cairo - Mubasher: Orascom Telecom Media and Technology Holding (OTMT) said it signed an agreement to sell its fully owned subsidiary Middle East and North Africa submarine cable (MENA).
OTMT signed the agreement with Network i2i, a subsidiary of Bharti Airtel, for the sale of its entire, direct and indirect, shareholding of its subsidiary MENA.
OTMT said it aims to conclude this transaction by the end of Q1 2017, after the fulfillment of all conditions precedents and after obtaining all necessary regulatory, governmental approvals and fulfilment of the IFA report.
The telecom operator stated that this move comes in line with its strategy in divesting its non-core assets.
OTMT intends to utilize the proceeds of the sale in the recently expanded lines of operations being mainly the Financial, the Real Estate and the logistics sectors among others, aiming to strengthen its profitability position and support its strategy to develop higher-growth / higher-yield businesses.
