Cairo – Mubasher: Elsewedy Electric on Sunday announced that two of its units have signed a deal with the Industrial Development Authority (IDA) to develop 4 million square metre lands at a value of EGP 880.
SDM for development and management, 99.9% owned by Elsewedy Electric, has signed an agreement with the authority to develop a 2 million square metre land plot with EGP 440 million in investments, Egypt's cable maker said in a filing to the Egyptian Exchange (EGX).
Meanwhile, Pyramids Industrial Parks, in which Elsewedy holds a 45% stake, has inked an agreement with the authority to develop a 2 million square metre land at a value of EGP 440 million.
The Arab world's largest listed cable company noted that the deals were signed last Thursday, 5 July.
Elsewedy Electric had reported a 7% year-on-year profit decline for the first quarter of 2018, recording EGP 1.4 billion from EGP 1.53 billion, including minority shareholders’ rights.
