TE demanding USD12.3mn from Omani company for cutting submarine cable
Telecom Egypt (TE) [ETEL.CA] is reportedly demanding a compensation of USD12.3mn from Nibras Group, an Omani company, accusing one of its ships of cutting TE’s EIG submarine cable in Alexandria. The ship has been held up at El Dekheila Port since Dec 2017. The economic court hearing is set on 28 December.
Telecom Egypt: EGP11.94 as of 10 Dec. 2018, Rating: Buy, TP: EGP15.70/share, MCap: USD1,140mn, ETEL EY/ETEL.CA
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