Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) will sell its shares in MENA Submarine Cable for $90 million.

Last December, the Egypt-based company announced that it was on the verge of completing the due diligence related to the acquisition of a 51% stake in Inertia for Engineering and Trading, according to a filing to the Egyptian Exchange (EGX).

The EGX-listed firm will finalise the acquisition of a 51% stake in Inertia for Engineering and Trading within two weeks, the Egyptian giant owned by billionaire Naguib Sawiris said. 

It is noteworthy that OTMT holds a 99.99 stake in MENA Submarine Cable.

OTMT’s capital amounts to EGP 2.2 billion distributed over 5.2 billion shares at a par value of EGP 0.42 per share.