CAIRO, July 10, 2018 (MENA) - Telecom Egypt and Orange Egypt have announced the signing of a renewal of their international telecom services agreement, first signed in January 2015 for a period of four years.
The new agreement will end in December 2022 and is expected to contribute LE4 billion to Telecom Egypt’s top line over the tenure of the agreement. It will also enable Orange Egypt to continue providing international services to its customers.
The two companies also signed a new transmission services agreement for 3.5 years ending December 2021. The agreement is expected to contribute LE1.5 billion to Telecom Egypt’s revenue and support Orange Egypt services to customers.
In addition, the two companies signed a binding letter of agreement for mobile termination rates. The agreement formalises the framework for interconnection between both operators and is a major step for Telecom Egypt towards finalising all mobile termination agreements, Ahmed el Beheiry, the Chief Executive and Managing Director of Telecom Egypt, said.
CAIRO, May 21, 2018 (MENA) - Telecom Egypt (TE) announced that its 50 per cent owned subsidiary, the Egyptian International Submarine Cables Company (EISCC), has executed a sale and purchase agreement with Orascom Telecom Media and Technology Holding S.A.E (OTMT) for the acquisition of OTMT's shareholding of its subsidiary Middle East and North Africa Submarine Cable (MENA) for a total value of $90 million.
The transaction is to be concluded in 60 days, after the fulfillment of all conditions that have previously been approved.
In statements on Monday Telecom Egypt Managing Director and Chief Executive Officer Ahmed el Beheiry said the decision to acquire MENA Cable is one of the most important steps towards implementing the company's strategic plan to ensure the sustainability of submarine cable revenues and reinforce the contribution of the revenue stream in US dollars.
The new cable will add to Telecom Egypt's network of submarine cables fortifying TE's network offering to the maximum number of routes between India and Europe as well as add a new gateway to Europe through Italy.
Telecom Egypt had previously announced on 10 May 2018 that its board of directors approved the acquisition MENA Cable by its subsidiary EISCC with a total enterprise value of $90 million to be financed through a shareholder loan from Telecom Egypt.
The decision to acquire MENA Cable comes in line with Telecom Egypt's strategy to achieve a short-term return from this investment and preserve the revenue stream of the submarine cable systems.
MENA Cable is licensed in Egypt and Italy to operate a submarine telecommunications system connecting Europe to the Middle East and South East Asia.
CAIRO, March 28 (MENA) - Telecom Egypt has said there is a potential investment opportunity in the maritime cables domain to maximise the company's revenues.
The company said in a statement on Wednesday that such opportunity “is important as it will help the company secure more revenues of maritime cables”.
The company approved dividend worth LE0.25 per share, down from the previously set amount at LE1 per share.