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The move comes as Dangote, 67, continues to expand his industrial empire, which includes cement, sugar, fertilizer, and a newly operational $20-billion oil refinery in Lagos.
Founded in 1938 by the El-Sewedy family, Elsewedy Electric has become a major force in the electrical equipment manufacturing sector.
The disclosure comes two months after the bank announced its plan to acquire a 51-percent stake in EFG Hermes Holding.
The proposed transaction is FAB’s second major transaction in Egypt.