Elsewedy Electric subsidiary awarded contract by EETC
Elsewedy Electric (SWDY.CA) announced that its subsidiary, Elsewedy Electric T&D, was awarded a contract to construct two 500kv lines for the Egyptian Electrical Transmission Company (EETC) in Upper Egypt, for 356 km. The first 180 km line will connect East Assiut and Akhmim in Sohag, while the other 176km line will connect Akhmim and East Qena. The execution will begin sixth months after signing the contract and receiving the advance payment. The contract value will be disclosed after the signing of the contract. (Bourse statement) Elsewedy Electric: EGP75.04 as of 09 January 2017, Rating: Buy, TP: EGP92.00 per share, MCap: USD926mn, SWDY EY / SWDY.CA
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