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Telecom Egypt approves acquisition of MENA Cable from Orascom TMT, long-term credit facilities

2018-05-10 11:32:00| Telecompaper Headlines

(Telecompaper) Telecom Egypt said that its board has approved two strategic decisions to increase its return on investment, and provide the liquidity to facilitate the implementation of its business plan. The board approved the acquisition of Middle East and North Africa Submarine Cable (MENA Cable) by 50 percent-owned subsidiary Egyptian International Submarine Cables Company, with a total enterprise value of USD 90 million to be financed through a shareholder loan from Telecom Egypt. MENA Cable is a subsidiary of Orascom Telecom Media and Technology Holding.

Tags: credit facilities cable egypt

Orascom wins 270m third phase contracts for Cairo metro line 3

2016-05-10 01:00:00| Railway Technology

Contractor Orascom Construction has secured two contracts worth 270m for work on Cairo metro in Egypt.

Tags: line phase metro contracts

Mideast Stocks-Petchems lift Saudi, Orascom Telecom pulls down Egypt

2016-03-28 13:29:44| Chemicals - Topix.net

Strong petrochemical shares lifted Saudi Arabia's stock market in early trade on Monday, while Orascom Telecom Media pulled Egypt lower again because of concern about its deal to acquire CI Capital. Saudi Basic Industries climbed 2.3 percent, helping the Saudi index rise 0.9 percent.

Tags: egypt telecom saudi lift

Orascom loses control of North Korean venture Koryolink

2016-01-04 09:40:00| Telecompaper Headlines

(Telecompaper) Orascom Telecom Media and Technology has lost control of its 75 percent stake in North Korean venture Koryolink, the Wall Street Journal reported, citing a company filing in Egypt. The venture served around 3 million customers in North Korea, earning around USD 270 million before taxes and depreciation on USD 344 million in revenue in 2014.

Tags: control north korean venture