ArabFinance: Elsewedy Electric announced that it has been awarded the El Wady for Phosphate Industries and Fertilizers' (WAPHCO) tender to rehabilitate and build the railway line of Abu Tartur-Qena's goods and its extension from Qena to Hurghada crossing Safaga.

In alliance with Italy-based SAIPEM MISR For Petroleum Services and Salcef Group, the company submitted its bid to WAPHCO's tender late 2018, according to a statement released to the Egyptian exchange.

The company has been invited for pre-contract negotiations by Egyptian National Railways.

SWDY decided to purchase treasury shares of 54.6 million as a maximum limit. This volume accounts for 2.5% of the company’s total shares, according to a disclosure to the Egyptian Exchange (EGX).

Elsewedy Electric is a leading provider of integrated energy solutions in Africa and the Middle East, and a significant contributor to economic growth in EGYPT. The Company has a portfolio incorporating all traditional and renewable energy areas along with related services. It is one of the largest worldwide manufacturers of cables and meters, especially smart meters.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.