Elsewedy Electric's subsidiary signs LE327M agreement with EETC

CAIRO - 29 August 2019: ElSewedy Electric for Trading & Distributing, a subsidiary of Elsewedy Electric, signed a new agreement with the Egyptian Electricity Transmission Company (EETC) for LE 327 million.

Elsewedy Electric clarified in a filing to the Egyptian Exchange (EGX) that the agreement is for the Qusser- Marsa Allam- Bernes 220KV overhead transmission lines with a total length of 100 km.

The agreement stipulateslot no. 2 is to construct a transmission line of 220 KV with a length of 50 KM anda value of LE 157 million on turnkey basis, according to the filing.

The filingadded that lot no. 4 comes for the construction of a transmission line of 220 KV with a length of 50 KM anda value of LE 170 million on turnkey basis.

The EPC contracts will be implemented over a six-month period commencing from the date of notice of the award, according to the filing.

Elsewedy Electric signed on Aug. 28 an agreement with Toyota Tsusho Corporation on the joint development of the design and construction of two 50 MW photovoltaic power plants in Zambia, according to an official statement.

Elsewedy Electric recorded a 19 percent decline in its consolidated profits during the first half of 2019, recording LE 1.95 billion, compared to LE 2.4 billion in the same period of 2018.

On another note, Elsewedy Electric announced on August 19, reaching a full commercial operation for its two solar photovoltaic (PV) power plants, as part of the second phase of the Renewable Energies Feed-in-Tariff (FiT) program launched by the Egyptian government.

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