Cairo – Mubasher: Elsewedy Electric on Tuesday revealed that its subsidiary Elsewedy Power has signed an agreement with Togo-based Compagnie Energie Electrique du Togo for EUR 44 million (EGP 929.9 million).
Under the deal, Elsewedy Power will export 300,000 electricity metres to the Togo-based company, Elsewedy said in a statement to the Egyptian Exchange (EGX).
The Egypt-based electric services company said it seeks to begin exports for a nine-month period starting the fourth quarter of 2017.
Elsewedy last reported a 68% year-on-year surge in profits for the second quarter of 2017 on the back of higher revenues.
Elsewedy’s stock closed Tuesday down 2.14% to EGP 90.04.
Elsewedy Power is 98.84% owned by Elsewedy Electric.
