Telecom Egypt in Talks with Chinese Firms to Extend Submarine Cable

Egypt’s Landline monopoly Telecom Egypt – TE (ETEL.CA) said on Tuesday it is still in talks with Chinese firms to extend a submarine internet cable links between Europe and China through Egypt. It added that no accord reached so far.

Telecom Egypt further noted that the estimated revenues of the submarine cables are likely to grow by 25% by the end of the current year.

The fixed line operator, which is 80% state owned, had posted EGP 2.4 billion ($349 million) net profit for the first nine months of FY13, with 11% rise compared with the same period a year earlier.