El Sewedy Electric’s (SWDY.CA) subsidiary Iskra is amongst eight companies that plan to submit tender offers next week to supply 250,000 smart meters to the Ministry of Electricity. Other companies include Huawei, Dong Fang, China Machinery, ZTI and Ericsson. According to a source at the Ministry, the tender was originally to supply three million smart meters, but has been amended to include 250,000 meters only to be supplied to five distribution companies in Cairo, Canal area, Upper Egypt and Delta. The tender will be awarded to five-six companies, whereby each company will supply 50,000 meters to one distribution company. This is the first phase of the smart meters project, which will save the Ministry cEGP1.5bn, on the back of reduction in workers’ and collectors’ costs, with the second phase to be launched in two weeks. (Al Borsa)   Elsewedy Electric: EGP44.50 as of 16 May 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,120 million, SWDY EY / SWDY.CA