Last checked at 21 May 2018 08:23
OTMT Announces the Sale of Middle East and North Africa Submarine Cable
Cairo, May 21, 2018: Orascom Telecom Media and Technology Holding S.A.E. ("OTMT") announced today that it has executed a Sale and Purchase Agreement with Egyptian International Submarine Cables Company, a 50% owned Subsidiary of Telecom Egypt, for the sale of its entire, direct and indirect, shareholding of its subsidiary Middle East and North Africa Submarine Cable ("MENA") for a total value of USD 90 million. OTMT holds a 100% stake in MENA.
OTMT aims to conclude this transaction in 60 days, after the fulfillment of all conditions precedents.
The decision to divest MENA comes in line with OTMT's strategy in divesting its non-core assets. OTMT intends to utilize the proceeds of the sale in the recently expanded lines of operations being mainly the Financial, the Real Estate, Agri-Industries, Entertainment and the Logistics Sectors among others, aiming to strengthen OTMT's profitability position and support its strategy to develop higher-growth / higher-yield businesses.
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About OTMT
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses, having recently expanded its lines of operations into the new fields of Energy, Transport & Logistics, and Telecom infrastructure. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The Cable business focuses on the management of cable networks. The new field of Energy includes its operations in the power projects in Egypt.
Press contacts:
Orascom Telecom Media and Technology: Investor Relations
2005A Nile City Towers - South Tower, 26th Floor - Corniche El Nile,
Ramlet Beaulac, Cairo, Egypt
E-mail: otmtinvestorrelations@otmt.com
Disclaimer
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This press release does not, and shall not, in any circumstances constitute a public offering of shares, or global depositary shares representing such shares, in OTMT ("OTMT Securities"), nor an invitation to the public in connection with any offer. The acquisition of the OTMT Securities may be subject to specific legal or regulatory restrictions in certain jurisdictions. OTMT takes no responsibility for any violation of any such restrictions by any person.