Elsewedy Electric (SWDY) announced that its subsidiary, Elsewedy Industrial Development Company – Sokhna, has signed a contract with the General Authority for Suez Canal Economic Zone to develop and transfer usufruct of 10 sqkm. The project entails building and developing an industrial city on the abovementioned land with an investment cost of EGP10bn over 10 years. The project is estimated to provide 150k job opportunities.
Elsewedy Electric: EGP14.36 as of 9 Dec. 2018, Rating: Buy, TP: EGP23.00/share, MCap: USD1,751mn, SWDY EY/SWDY.CA