Reuters – Telecom Egypt has sold rights for the use of part of its infrastructure to a subsidiary of Egypt’s Orascom Telecom Media and Technology Holding (OTMT) , bringing the subsidiary closer to launching a submarine cable network.
MENA, which the company had previously hoped would be fully operational in June last year, has been delayed by a lack of regulatory approvals for its terrestrial section passing through Egypt, OTMT official Marwan Husseinsaid.
After signing the “indefeasible right of use” agreement with Telecom Egypt and acquiring mandatory permits, OTMT expects to launch MENA within a year as all marine construction was completed last year, it said.
It is to pay $30 million “within this year” as part of the agreement, Hussien told Reuters in an email.
OTMT’s shares closed up 8.5 percent at 1.15 Egyptian pounds ($0.17) on Wednesday.