Cairo – Mubasher: The board of Telecom Egypt (TE) has approved a subsidiary's acquisition of MENA Submarine Cable at a total value of EGP 1.6 billion ($90 million).

The aforementioned value will be financed through a shareholder loan from TE, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.

On the other hand, Egypt's largest internet provider is in talks with one of the leading international firms to provide the latest’s needs of international capacities, the company added.

It is worth noting that MENA Submarine Cable, a subsidiary of Orascom Telecom Media and Technology Holding (OTMT), is a licensed operator to operate submarine cables and to ink between Europe, Middle East, and Southeast Asia, according to the filing.

In March, OTMT said it will sell its shares in MENA Submarine Cable for $90 million.