Egypt - Elsewedy Electric signed a contract to purchase 99.25% of International Cables Company shares with an EGP 410 million, according to Elsewedy’s statement released on July 11th.

The listed company posted a consolidated net profit before minority interest of EGP 700.069 million in quarter one 2021,

Earlier, El Sewedy Electric finalized the acquisition of 95% of PT GG Power Indonesia, and 100% of Validus Engineering PVT LTD.

The listed company is a provider of integrated energy solutions in Africa and the Middle East, and a manufacturer of cables and meters, especially smart meters. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

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