REG - Telecom Egypt S.A.E - TE & GRID Tel. cooperate to build new subsea link

Telecom Egypt Co SAEAnnouncement

22/06/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220622:nRSV7117Pa&default-theme=true

RNS Number : 7117P  Telecom Egypt S.A.E  21 June 2022

 Telecom Egypt and GRID Telecom sign a head of agreement for a new subsea
link between Egypt and Greece

 

Cairo, 21 June 2022: Telecom Egypt, Egypt's first integrated telecom operator
and one of the largest subsea cables operators in the region, and Grid
Telecom, a wholly owned subsidiary of the Independent Power Transmission
Operator (IPTO) of Greece, signed Heads of Agreement to connect Greece and
Egypt by extending a branch from a major subsea cable system, which is
currently being laid across the Mediterranean Sea. The agreement was signed at
Telecom Egypt's headquarter in Cairo by the Managing Director and CEO of
Telecom Egypt, Adel Hamed, the Chairman and CEO of IPTO, Manos Manousakis and
the Director of Grid Telecom, George Psyrris.

The planned connectivity between Egypt and Greece will serve the increasing
data traffic between Africa, Asia and Europe creating a new reliable
telecommunications corridor interconnecting the three continents. It will be
the shortest possible path crossing the Mediterranean basin to reach the
Balkans region as well as other important destinations like Genoa and
Marseilles over hybrid terrestrial and submarine networks.

Earlier this year, on the 9(th) of February, Telecom Egypt and Grid Telecom
signed a strategic Memorandum of Understanding (MoU) in Athens which had set
the ground for the exploration of different connectivity options between
Greece and Egypt, as well as the optimal utilization of Telecom Egypt's and
Grid Telecom's state-of-the-art networks and international reach, through
their existing and future optical fiber links to neighboring countries.

The Managing Director and CEO of Telecom Egypt, Adel Hamed, commented:

"With the increasing demand for connectivity regionally and around the globe,
Telecom Egypt is working on improving and extending its international network
and continuously investing in new cables. Our collaboration with Grid Telecom
will increase our network's resiliency and reach."

 The Chairman and CEO of IPTO, Manos Manousakis, stated:

"The Southeast Mediterranean incubates major synergies that will contribute to
the wider region's emergence as a significant hub for both data and energy. In
this context, with the fact that Egypt is a key hub location for all subsea
cables from East to West, we are very pleased that the cooperation between
IPTO's subsidiary Grid Telecom and Telecom Egypt, will bring a new
international route that will enhance the strategic role of Crete island as a
neutral open-access node on the intersection of three continents."

- End-

 

 

About IPTO

 

The Independent Power Transmission Operator (IPTO) is responsible for the
operation, monitoring, maintenance and development of the Hellenic Electricity
Transmission System, aiming to ensure safe and undisrupted power supply across
the country. IPTO's Ten Year Network Development Plan provides for the
electrical interconnection of almost all Greek islands in the High Voltage
System by 2029, the strengthening and modernization of the

continental power grid as well as the facilitation of Greece's transition
towards a cleaner energy mix. IPTO's 5-billion-euro investment program -among
others- includes the emblematic Crete-Attica power link, the completion of
Cyclades and Sporades interconnections and energy storage projects.

 

For more information, contact:

Email: pressoffice@admie.gr (mailto:pressoffice@admie.gr)

 

About Grid Telecom

Grid Telecom is a Greek company established in January 2019. It is a wholly
owned  subsidiary company of the Independent Power Transmission Operator
(IPTO) of Greece and acts as IPTO's telecommunications vehicle for providing
services to national and international providers. Grid Telecom's fiber optic
terrestrial and submarine network exceeds 4,000 km

 

throughout Greece and will further expand to exceed 6,000 km in the next
years, connecting the Greek islands with the core network. Grid Telecom also
operates a DWDM optical network, providing ultra-fast capacity services.

 

For more information, contact:

Email: info@grid-telecom.com

 

About Telecom Egypt

Telecom Egypt is the first integrated telecom operator in Egypt providing all
telecom services to its customers including fixed and mobile voice and data
services. Telecom Egypt has a long history serving Egyptian customers for over
160 years maintaining a leadership position in the Egyptian telecom market by
offering its enterprise and consumer customers the most advanced technology,
reliable infrastructure solutions and the widest network of submarine
cables.  Aside from its mobile operation "WE", the company owns a 45% stake
in Vodafone Egypt. Telecom Egypt's shares and GDRs (Ticker: ETEL.CA; TEEG.LN)
are traded on The Egyptian Exchange and the London Stock Exchange. Please
refer to Telecom Egypt's full financial disclosure on ir.te.eg
(http://ir.te.eg/en/)

 

For more information, contact the investor relations team:

Email: investor.relations@te.eg (mailto:investor.relations@te.eg)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPURWQUPPGBG