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Technology Stocks : Flag Telecom Holdings - FTHL

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To: D. K. G. who wrote ()	4/4/2000 11:21:00 AM
From: Neil H	Read Replies (1) of 87

Tuesday April 4, 10:23 am Eastern Time FLAG Telecom , Telecom Egypt in cable deal CAIRO, April 4 (Reuters) - FLAG Telecom (NasdaqNM:FTHL - news) (quote from Yahoo! UK & Ireland: FTHLq.L) sold Telecom Egypt cable capacity on an underwater cable system to meet rising domestic demand for Internet access, FLAG said in a statement on Tuesday. ``The capacity will run from Alexandria to the UK on the FLAG-Europe-Asia submarine cable system and then on to the USA using leased capacity arrangements provided by FLAG Telecom,' it said. The terms of the ``multi-million dollar' agreement were not disclosed. ``Egypt is seeing an ever increasing demand for Internet access and the announcement today will ensure we have the ability to meet the needs of our users,' it quoted Egypt's Communication and Information Minister Ahmed Nazif as saying. Further expansion of the Internet customer base in Egypt, which is essential for operating in today's global economy, was expected, he added. FLAG, or Fibreoptic Link Around the Globe, was formed as a holding company in 1999

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