Egypt : ELSEWEDY ELECTRIC's subsidiary signs 3 contracts worth $54M with EETC
- 12 November 2020 / News / 152 / Emerging Africa
CAIRO – 11 November 2020: Elsewedy Electric’s subsidiary Elsewedy Electric for Trading & Distribution signed three new EPC contracts worth E£846 million ($54 million) with the Egyptian Electricity Transmission Company (EETC).
The deal included the construction of overhead transmission line (2X30 km) worth E£148 million on turnkey basis to connect Toshka 4 substation. The EPC contract will be implemented over 4-month period starting from the date of acceptance of the bid, according to the company filing to the Egyptian Exchange (EGX).
It also included the construction of Toshka Substation with a value of E£410 million on turnkey basis. The EPC contract will be implemented over 10-month period starting from the date of acceptance of the bid. In addition, It involved the construction of West Portsaid Substation with a value of E£288 million on turnkey basis.
“The EPC contract will be implemented over 12-month period starting from the signing date,” it added.
Elsewedy Electric for Trading & Distribution is a pioneer company in the execution of high voltage transmission lines for more than 1000 km with both (220 KV & 500 KV) and substations (220 KV & 500 KV) within Egypt and Africa.
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.
Elsewedy Electric's consolidated results showed a 47 percent decline in its profits during the first six months of 2020, recording LE 1.02 billion, compared to LE 1.95 billion in the same period of 2019.