Telecom Egypt has reportedly allocated USD 10 mn to installation and maintenance work on its subsea MENA cable, sources tell Al Mal. TE had acquired MENA Cables from Orascom Telecom Media and Technology earlier this year in a USD 90 mn transaction, of which USD 40 mn represented the cost of the cable, with USD 50 mn meant to settle old debts (pdf). MENA Cable is licensed in Egypt and Italy to operate a submarine telecoms system connecting Europe to the Middle East and Southeast Asia. EFG Hermes Investment Banking was buy-side advisor on the transaction.

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