Orascom Telecom Media and Technology Holding - (OTMT.CA) has confirmed its interest in selling the Company's submarine network Med Cable Ltd (Med Cable) in Algeria. OTMT added in a filling posted on Tuesday that its Board of Directors decided to mandate the company's Founder Naguib Sawiris alongside the CEO Karim Beshara in order to spearhead the talks on selling Med Cable. It is worth noting that Karim Beshara had made an exclusive statement to Amwal Al Ghad on November 7th stating that OTMT is planning to sell Med Cable in Algeria amid more than one year of suspension. He also said OTMT is currently seeking to market Med Cable noting that there are a number of offers to purchase and invest in the cable are under study. Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and Algerian government. The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers' information. The CEO of OTMT added that the company cannot reap the benefits from the cable since halting its operations in Algeria. He said the continuous replacement, renewal and maintenance of the Med Cable lower its market value. Med Cable Ltd (“Med Cable") is a submarine network connecting Marseille (France), to Algiers, Oran and Annaba (Algeria) spanning approximately 1,300km. OTMT owns a 100% ownership stake in Med Cable which is based in the United Kingdom.
