Egypt: Summu Consulting buys 6.6% additional stake in Electro Cable

Reuters Images/Amr Abdallah Dalsh

The transaction was executed on 235mln shares

Staff Writer, Arab Finance

December 21, 2022

PHOTO

Summu Consulting bought a 6.61% additional stake in Electro Cable Egypt for EGP 111.625 million, according to a disclosure by the Egyptian Exchange (EGX) on Tuesday.

The transaction was executed on 235 million shares at an average price of EGP 0.475 per share.

Accordingly, Summu’s stake in the company rose from 13.48% to 20.09%.

Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad.

Its product portfolio includes low-, medium-, and high-tension power cables, isolated cables, and telephone communication cables.

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