Investor Relations - 27.07.2022

Shareholders’ agreement to set up a joint venture for the “East Med Corridor” project

Athens, July 27, 2022

 

 

Announcement – Regulated information

 

 

PPC S.A. (PPC) announces it has signed a Shareholders’ agreement to set up a joint venture which will construct, install, operate, manage, own and sell capacity via a new submarine cable system and ancillary terrestrial infrastructure and network (the “East Med Corridor System” or EMC project), linking Europe with Asia.

The shareholders being MENA HUB, owned by Saudi Arabia's stc, Greek telecoms and satellite applications company TTSA, Digimed, owned by Cyprus' telecoms operator CYTA and PPC, have agreed to establish the joint venture company under the laws of the Republic of Cyprus. PPC will hold a minority stake with a 25% participation in the joint venture company.

PPC will proceed to a new announcement once the joint venture company is set up.

 

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