CAIRO, Sept 23, 2018 (MENA) – Telecom Egypt announced on Sunday that its board approved the acquisition of 50 percent of the Egyptian International Submarine Cables Company (EISCC) for a total value of $15 million. In a statement on Sunday, Telecom Egypt said the EISCC acquired on Monday the share of Orascom Telecom Media and Technology Holding S.A.E (OTMT) in the Middle East and North Africa Submarine Cable (MENA Cable) for a total value of $90 million. The decision will have a positive impact on the company's profits, save it about $10 million and preserve the revenue stream of the submarine cable systems. Telecom Egypt had announced in August the signing of a Memorandum of Understanding (MoU) with India's Airtel, wherein, Telecom Egypt will bundle MENA's assets with existing assets of the TE network. Airtel will be granted IRUs (Indefeasible Right of Use) on MENA Cable and TE North cable systems as well as large capacities on a long-term basis on two new cable systems. The TE's deal with Airtel is expected to be finalized soon, a step which will enable Telecom Egypt to recover all of its investment in MENA Cable. In statements on Sunday, Telecom Egypt's Managing Director and Chief Executive Officer Ahmed el Beheiry said the company has been doing its best since the beginning of the year to ensure revenues of its submarine cables. He added that the company posted investors on an expected short-term return of purchasing MENA Cable.
