Cairo – Mubasher: Elsewedy Electric Co’s board on Thursday approved the establishment of a new company in Algeria.
The company will specialise in procurement, instalment, building, management, and ownership of solar power plants with 50-megawatt capacity, according to a bourse statement.
It is worth noting that Elsewedy’s net profit slid to EGP 4.163 billion last year, compared to EGP 5.109 billion in 2018, including minority shareholders’ rights.
