OTMT Mulls Med Cable Sale

Orascom Telecom Media and Technology Holding (OTMT.CA) said it is considering the selling of its submarine network Med Cable Ltd (Med Cable) in Algeria amid more than a year of suspension.

Karim Beshara, the CEO of OTMT, said the company is currently seeking to market Med Cable noting that there are a number of offers to purchase the cable are under study.

Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and Algerian government.

The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers’ information.

Med Cable Ltd (“Med Cable”) is a submarine network connecting Marseille (France), to Algiers, Oran and Annaba (Algeria) spanning approximately 1,300km. OTMT owns a 100% ownership stake in Med Cable which is based in the United Kingdom.