04/27/2019 | Press release | Distributed by Public on 04/27/2019 04:25
Telecom Egypt signed a binding letter of intent (LoI) with Pakistan & East Africa Connecting Europe (PEACE) Cable International Network Co. and its affiliate HENGTONG OPTIC-ELECTRIC, the Chinese technology and industrial giant,enriching the partnership between PEACE and Telecom Egypt further and extending it to other service lines.
Under the LoI, PEACE will be granted an additional fiber pair to its redundant cross Egypt routes to accommodate PEACE extensive demand to Europe with a total value of USD 20mn, and in return HENGTONG shall provide TE with fiber optic cables of different cores based on competitive pricing that will be utilized in TE's strategic plans for fiber deployment inside Egypt. The agreement enacting the LoI is expected to be completed within the coming two months.
Adel Hamed, Telecom Egypt's Managing Director and Chief Executive Officer said:
'I am very pleased with the signing of this letter of intent, which attests our network evolution over time to offer a secure passage for international traffic as well as demonstrates the significance of our services for the growing demand from the East to Europe. Strategically, this agreement is a manifestation of our future plans to extract synergies and integrate our strength across our business units by leveraging our positioning in the international market to secure a business opportunity for our local business within the strategy of extending our fiber network to every corner in Egypt.'