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Telecom Egypt announces potential investment opportunity in submarine cables

State-owned Telecom Egypt announced a potential investment opportunity in the submarine cables domain.

 

Within this context, the company's board decided to cut dividends on shares to LE 0.25 from  LE 1 for the fiscal year ending in December 2017.

 

The measure is meant to magnify revenues from the submarine cables domain and achieve a short-term return on the potential investment opportunity., the company's CEO Ahmed El-Beheiry said in a statement on Wednesday.

 

The company seeks to provide investors with a continuous stream of annual dividends, while balancing dividend distribution and the reinvestment of its cash flows in its capital expenditure (capex) program, El-Beheiry.

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