September 14, 2021

Elsewedy Electric acquires 99.25% stake in International Cables


ArabFinance: Elsewedy Electric (SWDY) has completed the acquisition transaction of a 99.25% stake in International Cables Co at a value of EGP 410 million, sources told Al Mal Newspaper.

Shares in International Cables have been transferred to the new owners through two transactions in the Egyptian Exchange’s (EGX) over-the-counter (OTC) trading market on Monday, the sources highlighted.

One of the transactions has been implemented in the Egyptian pound, while the other has been executed in US dollar, they added.

Al Ahly Pharos acted as the sole bookrunner on the ownership transfer transaction, the sources said.

It is worth noting that Elsewedy Electric reported a consolidated net profit before minority interest of EGP 1.58 billion in the first half (H1) of 2021, compared to profits of EGP 914.24 million in H1 2020.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

arabfinance


Categories : oil and gas

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