By: Heba El-Kordy
Cairo – Mubasher: Telecom Egypt’s stock dropped early Monday as most of the blue-chip stocks on the Egyptian Exchange (EGX), despite concluding the acquisition of Middle East and North Africa Submarine Cable (MENA Cable).
Earlier this day, the state's landline monopoly announced it concluded the acquisition of MENA Cable from Orascom Investment Holding (OIH) through its subsidiary Egyptian International Submarine Cable Company (EISCC) at a total value of $90 million.
By 10:44 am Cairo time, the stock shed 0.64% to EGP 12.5, with a turnover of EGP 62,180 exchanged through 4,900 traded shares.
