Elsewedy’s subsidiary signs contract for LE 225M

CAIRO – 27 March 2018: Elsewedy Electric Co. SAE announced that its subsidiary, Egytech Elsewedy, signed a contract with the Egyptian Electricity Transmission Company (EETC) for LE 225 million.

Elsewedy clarified in a filing to the Egyptian Exchange (EGX) that this contract is to connect power transformers at the plant in Imbaba with El Maamadya’s plant on a turnkey basis.

Another subsidiary, ELSEWEDY ELECTRIC for Trade & Distribution, signed earlier this month a new engineering, procurement and construction contract for the New Administrative Capital's 500 kilovolt substation worth LE 1.24 billion.

It also signed another agreement with the Egyptian Electricity Transmission Company (EETC) worth LE 2.12 billion for linking the Borg El Arab – Marsa Matrouh 500 kilovolt power transmission lines with a total length of 255 kilometers.

In December 2017, Elsewedy ELECTRIC for trade and distribution won the bid from Egyptian Electricity Transmission Co. to establish Borg El Arab - Marsa Matrouh electrical interconnection project.

Elsewedy subsidiary earlier signed a contract with the New Urban Communities Authority to build a substation in Badr City for LE 477 million.

Elsewedy Electric owns a 99.80-percent stake in Elsewedy Electric Co. for trade and distribution.

Elsewedy Electric recoded net profit of LE 6.48 billion ($366.63 million) in 2017, compared to LE 3.9 billion in 2016.

Elsewedy Electric operates within the capital goods sector focusing on electrical components and equipment.

It has 37 subsidiaries operating across Northern and Eastern Africa, Middle East and Southern Europe.

Elsewedy Electric is based in Cairo, Egypt, and was established in June 2005.