Egytech Cables, an operating subsidiary of the leading electrical company, Elsewedy Electric, has signed a new contract worth KWD8.49 million ($28.1 million) with Kuwait’s Public Authority for Housing Welfare.
Egytech Cables is a 99.98-percent-owned subsidiary of Elsewedy Electric, an Egypt-based multinational electrical company founded by the Elsewedy family in 1938 as a joint-stock company.
The company manufactures and sells integrated energy products and services, including electrical cables, telecommunications products and transformers under the leadership of CEO Ahmed El Sewedy.
According to a press release issued by the Egypt-based company, the contract that its majority-owned subsidiary, Egytech Cables, signed with the Kuwaiti company will facilitate power transmission for El Mutlaa Residential City.
El Mutlaa Residential City is one of the main projects executed by the Public Authority for Housing Welfare for the development, renovation and creation of Kuwaiti national income alternative resources.
The project, which will be implemented over 18 months, on a turnkey basis, will see Egytech Cables focus on the design, supply, and installation of works related to 132KV ground cables.
The contract with the Kuwaiti company comes four weeks after the Egypt-based multinational electrical company sealed a deal to build a $40-million electrical tools factory in Tanzania, a strategic move that will see it deepen its operations in East Africa.
The multimillion-dollar factory, which will be constructed in Kigamboni, a district in Dar es Salaam, will have the capacity to produce 15,000 kilometers of wire, 1,500 transformers and 100,000 electric meters per year. The project will come at a cost of TSZ92 billion ($40 million).
As of press time, shares in Elsewedy Electric were trading at EGP9.83 ($0.6259), giving the multinational company a EGP21.47-billion ($1.37 billion) valuation.