Cairo - Mubasher: Egypt Telecom said that acquiring a stake in the Egyptian International Submarine Cables Company (EISCC) aims at a complete acquisition in the Middle East and North Africa Submarine Cable Company (MENA-SCS), according to the company’s investor relations director.
Sarah Shabayek told Mubasher on Wednesday that the deal valued at $15 million aims at completing the acquisition of MENA-SCS.
Telecom Egypt does not currently plan any more acquisitions in the field of submarine cables.
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.
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.
