Telecom Egypt (TE) [ETEL.CA], Saudi Telecom Company (STC) [7010.SE], MTN Group and PCCW Global have all signed a Memorandum of Understanding (MoU) to construct submarine cable, Africa-1. The cable system will connect Africa with the Middle East, South Central Asia and Europe. The construction and maintenance agreement is expected to be signed by June, 2016, while the cable should be operational by 3Q2017. (PCCW Global disclosure)   Telecom Egypt: EGP8.68 as of 18 April 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,669 million, ETEL EY / ETEL.CA Saudi Telecom Company: SAR60.98 as of 18 April 2016, Rating: Buy, FV: SAR79.00 per share, MCap: USD32,523 million, STC AB / 7010.SE