(2018-06-04) Telecom Egypt: Mobile services outside Egypt require significant resources
Telecom Egypt (ETEL) said that the project to provide mobile services outside Egypt requires large resources and long studies of investment opportunities. This came in a statement to respond to EGX inquires regarding what was published under the title "Telecom Egypt Will Provide Mobile Services abroad before the end of 2018". The company said it was committed to disclosing any investment opportunity when it completed its study, noting that this project requires significant financial resources. Telecom Egypt announced on May 24 that EISCC, one of its 50% owned subsidiaries, has entered into an agreement to acquire Middle East and North Africa Cables (MENA Cables) with a total value of US $ 90 million. Last Thursday, the company signed a $ 200 million long-term financing agreement with Chinese financial institutions by Huawei.