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The new unit aims to become a leading market player in Egypt, the UAE-based investment bank deNovo Corporate Advisors said without revealing any further details on the project.
deNovo advised Gulf Cryo on the transaction, the news agency added.
The investment bank is currently advising on EGP 3 billion worth of transactions in the Egyptian market and "continues to be optimistic about the long term prospects of the Egyptian economy," Karim Amin, head of Egypt at deNovo, said.
Elsewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric, recently(SWD signed a new contract to build a new substation with a value of EGP 355.5 million on a turnkey basis.
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