OTMT Sells Med Cable to Orascom Telecom Holding
Orascom Telecom Media and Technology Holding S.A.E. (OTMT) announced the completion of the negotiations with Orascom Telecom Holding S.A.E. (OTH) to sell 100% stake in its fully owned subsidiary Med Cable.
The acquisition of UK-based Med Cable by OTH has a value of Euro 12.3 million.
The Med Cable Ltd (“Med Cable”) is a submarine network which connects Marseille (France), to Algiers, Oran and Annaba (Algeria) spanning approximately 1,300km.
The decision to divest Med Cable will serve to strengthen OTMT’s profitability position and support its strategy to develop higher-growth / higher-yield businesses.
Subsea World News Staff, November 20, 2012