OTMT sells Med Cable to OTH

20 Nov 2012

Orascom Telecom Media and Technology Holding (OTMT) has announced the completion of negotiations with Orascom Telecom Holding (OTH), to sell its entire stake in wholly-owned subsidiary Med Cable for an enterprise value of EUR12.3 million (USD15.7 million). The 1,300km Med Cable system connects the Algerian cities of Annaba, Algiers and Oran, with Marseille, France. OTMT said the decision to divest Med Cable will serve to strengthen the telco’s profitability position and support its strategy to develop higher growth/higher yield businesses.

Egypt, Global Telecom Holding (GTH, formerly OTH), Orascom Investment Holding (formerly OTMT), VEON