Egypt Telecom acquires shares in Oscom Telecom's MENA submarine cable

Egypt Telecom's subsidiary, Egypt International Submarine Cable Company (EISCC), has signed a sale and purchase agreement with Oscom Telecom Media Technologies (OTMT) to acquire the latter's stake
in Middle East North Africa Submarine Cable (MENA).

Egypt Telecom acquires shares in Oscom Telecom's MENA submarine cable

The EISCC noted that the total value of the sale and purchase agreement was $90 million
.
The transaction is intended to close
within 60 days of all conditions precedented.

It follows Egypttelecom's announcement on May 10 that its board of directors has approved the acquisition of its subsidiary EISCC, with a total value of $90 million, to be funded
through EGYPT's shareholder loan.

MENA submarine cable is licensed in Egypt and Italy to operate an undersea telecommunications system
connecting Europe to the Middle East and Southeast Asia.

Ahmed El Beheiry, Managing Director and CEO of EISCC, said: "We are delighted to have entered into a sale and purchase agreement
with OTMT.
As mentioned earlier, the decision to acquire shares in MENA is one of the most important steps in implementing the company's strategic plan to ensure the sustainability of
submarine cable revenues and strengthen the contribution of dollar revenue streams.
The new submarine cable will enhance Teletelecom Egypt's submarine cable network, providing the largest number of routes between India and Europe and adding a new gateway
to Europe via Italy.
”

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