Elsewedy Electric signed an agreement with Banque Misr for a financing loan worth USD100mn. Elsewedy will utilise the loan towards its expansion plans in Africa. On a separate note regarding Elsewedy Electrometer’s expansion in Brazil, management highlighted that it is not a subsidiary of Elsewedy Electric.
Elsewedy Electric: EGP13.53 as of 23 Jun. 2019, Rating: Buy, TP: EGP23.00/share, MCap: USD1,775mn, SWDY EY/SWDY.CA