Cairo – Mubasher: Elsewedy Electric Co. said it has signed, in 29 January, a contract with Angolan ministry of electricity and water, to establish three electric power stations.
The contract value amounts to $484.5 million ($3.8 million), including the costs of supply, installation, operating, finance and maintenance of the stations.
The project is expected to be implemented through 2016, said the company in a bourse statement.
The contract is still non-effective as it is subject to the approval of regulating authorities in Angola, noted the company.
Egypt’s bourse resumed the trading on the company’s stocks in Wednesday’s session late trade, after the company’s announcement of the new contract
