Cairo - Mubasher: Pharos Research raised the fair value of Telecom Media and Technology Holding (OTMT) to EGP0.94/shr from EGP0.89/shr.
Pharos also reiterated its Equal weight recommendation for OTMT.
The research house updated its evaluation for OTMT after the company's announcement of signing an agreement to sell its fully owned subsidiary Middle East and North Africa submarine cable (MENA).
Pharos said its believes that the transaction value is positive, since its valuation indicated a value of $74 million for OTMT’s stake in the MENA submarine cable, a discount of 17.7% compared to the announced price tag.
