Cairo – Mubasher: Elsewedy Electric on Sunday announced that its board of directors has approved signing a $150 million revolving credit facility with the African Export Import Bank (Afreximbank).
The loan will be used for meeting the firm’s various business purposes, the cable maker said in a statement to the Egyptian Exchange (EGX).
Elsewedy Electric, the Arab world's largest listed cable company, last reported a 21% year-on-year drop in consolidated profits during the full-year 2018, reaching EGP 5.11 billion, compared to EGP 6.48 billion in 2017.
