Egypt Telecom acquired a 50% stake in subsidiary EISCC for $15 million

Egypt Telecom's board of directors has approved the acquisition of a 50% stake
in its subsidiary Egypt International Submarine Cable Company (EISCC) for $15 million.

Egypt Telecom acquired a 50% stake in subsidiary EISCC for $15 million

EISCC recently completed the acquisition of Middle East and North Africa Submarine Cable (MENA Cable)
from Oscom Telecom.

In early August, Egypt Telecom also announced the signing of a memorandum of understanding
with Bhatti Telecom.
Under the memorandum, Telecom Egypt will bundle the assets of its international submarine network with those of the MENA cable
.

The transaction, which is expected to close soon, will allow Egypt Telecom to recoup its entire investment
in MENA cables.

EGAT believes that the decision to acquire the remainder of the EISCC has multiple financial advantages, including the full integration of MENA cable profitability in the Bharti Telecom transaction; Immediate savings of Rs 10 million thanks to the new structure; Long-term benefits
are recognized over the life of the cable (minimum 15 years).

Ahmed El Beheiry, Managing Director and CEO of Telecom Egypt, said: "Since the beginning of the year, management has worked tirelessly to secure revenue from its international submarine cable network and has announced to investors the expected short-term return
on the acquisition of MENA Cable.
Since then, we have reported several milestones in our plans, including the acquisition of MENA Cable and the signing of a Memorandum of Understanding to recoup our investment
.
This announcement is important because it will allow assets and expected benefits to be fully integrated
throughout their lifecycle.
The completion of the transaction marks the second wholly-owned submarine cable
owned by Egypt Telecom.
”

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