Orascom Telecom Media and Technology Holding (OTMT) has executed an agreement with Network i2i, a unit of India-based Bharti Airtel, for the sale of its entire stake in its subsidiary Middle East and North Africa Submarine Cable (MENA).

OTMT holds a 100 per cent stake in MENA.

OTMT aims to conclude this transaction by the end of the first quarter (Q1) of 2017, after the fulfilment of  all  conditions  precedents  and  after  obtaining  all  necessary  regulatory,  governmental approvals and fulfilment of the IFA report.

The decision to divest MENA comes in line with OTMT’s strategy in divesting its non-core assets. OTMT intends to utilize the proceeds of the sale in the recently expanded lines of operations being mainly the financial, the real estate and the logistics sectors among others, aiming to strengthen OTMT’s profitability position and support its strategy to develop higher-growth / higher-yield businesses.

“The additional capacity will enable Airtel to serve the growing demand for data services and enterprise services across its footprint of 18 countries across South Asia and Africa,” said Ajay Chitkara, director and chief executive officer (Global Voice and Data Business) of Bharti Airtel.

MENA is a licensed   operator   in   Egypt   and   Italy   operating   a   submarine telecommunications system connecting Europe to the Middle East and South East Asia.

Bharti  Airtel  is  one  of  the  leading  global  telecommunication  operators  with presence in 19 countries.

OTMT is a holding company that has investments in companies with operations  mainly  in  Egypt,  North  Korea,  Lebanon,  Pakistan  and  other  Mena countries. – TradeArabia News Service