Arab Finance: Elsewedy Electric’s (SWDY) board of directors approved setting up one or more new companies in Saudi Arabia to operate in a number of fields, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

As per the board's decision, the new companies could be launched solely by Elsewedy or in partnership with other companies.

Among the new companies' potential activities are management of holding companies' subsidiaries; investments; property ownership; lending; and leasing.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East, with a portfolio covering all traditional and renewable energy areas along with related services.

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