ELSEWEDY ELECTRIC's subsidiary signs 2 contracts in Kuwait worth LE686M

CAIRO - 20 January 2022: ElSewedy Electric's subsidiary, Egytech Cables have signed two new contracts with a value of 13.2 million Kuwaiti Dinars (approximately LE 686 Million) for the supply, installation & maintenance of 132 kV ground cables for supplying the main substations 132/11 kv. of (N6&N10) regions for El Mutlaa Residential city.

 ElSewedy Electric owns  99.98 percent of Egytech Cables company.

The company explained in a filing to the Egyptian Exchange (EGX), Thursday, that the project will contribute to providing electricity to the Al-Mutlaa residential city, one of the important projects that the Public Corporation for Housing Welfare is currently implementing for development and modernization.

According to the statement, the scope of work for "EGYTECH Cables" includes the design, supply and installation of the entire project on a turnkey basis for 132 kV cables, provided that it will be commissioned within 18 months.

It indicated that the contract was signed on January 19, 2022.

Earlier in January, Egytech Cables signed a new contract with the Public Authority for Housing Welfare in Kuwait worth 8.49 million Kuwaiti Dinars ( LE 440 million).

The company clarified in a filing to the Egyptian Exchange (EGX) that the contract is for the supply, installation and maintenance of 132 KV ground cables for supplying the main substations 132/11 kv of (N3&N4) regions for EL Multaa Residential city.

“The project will help in the power transmission needed for El Mutlaa Residential City, one of the main projects currently executed by the Public Authority for Housing Welfare  for the development, renovation and creation of Kuwaiti national income alternative resources,” it added.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment. It has 37 subsidiaries operating across Northern Africa, Eastern Africa, Middle East and Southern Europe.