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Egypt Telecom has announced that its subsidiary, Egypt International Submarine Cable Company (EISCC), has completed the acquisition of the Middle East and North Africa Submarine Cable (MENA Cable) from Orascom Investment Holding (OIH
).
In May, Egypt's International Submarine Cable Company (EISCC) agreed to acquire Orascom's (OTMT) MENA submarine cable stake
for $90 million.
Of that amount, $40 million represents the equity value of the MENA cable, while the rest represents outstanding debt
.
Ahmed El Beheiry, CEO of Telecom Egypt, once said, "The decision to acquire shares in MENA Submarine Cable Systems is one of the most important steps in implementing the company's strategic plan to ensure the sustainability of
submarine cable revenues and strengthen dollar revenue streams.
”
"The new cable will add to Telecom Egypt's submarine cable network, strengthen global internet connectivity, provide maximum route capacity between India and Europe, and add a new gateway
to Europe through Italy.
" Ahmed El Beheiry further added that the decision to acquire MENA Cable is in line with the Egyptian telecommunications company's strategy
to achieve short-term investment returns and protect revenue streams from submarine cable systems.
The MENA submarine cable system is a communication cable system with a total capacity of 5.
76Tbps with six optical fiber pairs and a total length of nearly 9,100 kilometers, connecting the Middle East and Europe, passing through India, Oman, Saudi Arabia, Egypt, Greece, Italy and other countries, and was put into production in the first quarter of 2012 with a design life of 25 years
.
Egypt Telecom has announced that its subsidiary, Egypt International Submarine Cable Company (EISCC), has completed the acquisition of the Middle East and North Africa Submarine Cable (MENA Cable) from Orascom Investment Holding (OIH
).
In May, Egypt's International Submarine Cable Company (EISCC) agreed to acquire Orascom's (OTMT) MENA submarine cable stake
for $90 million.
Of that amount, $40 million represents the equity value of the MENA cable, while the rest represents outstanding debt
.
Ahmed El Beheiry, CEO of Telecom Egypt, once said, "The decision to acquire shares in MENA Submarine Cable Systems is one of the most important steps in implementing the company's strategic plan to ensure the sustainability of
submarine cable revenues and strengthen dollar revenue streams.
”
"The new cable will add to Telecom Egypt's submarine cable network, strengthen global internet connectivity, provide maximum route capacity between India and Europe, and add a new gateway
to Europe through Italy.
" Ahmed El Beheiry further added that the decision to acquire MENA Cable is in line with the Egyptian telecommunications company's strategy
to achieve short-term investment returns and protect revenue streams from submarine cable systems.
The MENA submarine cable system is a communication cable system with a total capacity of 5.
76Tbps with six optical fiber pairs and a total length of nearly 9,100 kilometers, connecting the Middle East and Europe, passing through India, Oman, Saudi Arabia, Egypt, Greece, Italy and other countries, and was put into production in the first quarter of 2012 with a design life of 25 years
.
