Cairo – Mubasher: Telecom Egypt signed a letter of intent (LoI) with Pakistan & East Africa Connecting Europe (PEACE) Cable International Network Co. and its affiliate Hengtong Optic-Electric.

The LoI includes providing PEACE with an additional fibre pair across Egypt routes to accommodate PEACE’s growing demand with a total value of $20 million, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

In return, Hengtong Optic-Electric will provide Telecom Egypt with fibre optic cables at competitive prices that will be used for optic fibre deployment in Egypt.

The final agreement is forecast to be completed within the next two months, the Egyptian telecom operator said.

For the full-year 2018, Telecom Egypt’s net profits after tax amounted to EGP 3.5 billion from EGP 3.05 billion in the prior year.