Elsewedy Electric ( SWDY.CA)’s subsidiary, Elsewedy Power, has obtained the necessary approvals for its USD484.5mn contract with the Ministry of Energy and Water in Angola to develop three power generation plants; thus, the preliminary contract signed early in 20 January 2016 became active and official as of 20 May 2016. Earlier in January 2016, Elsewedy announced that its subsidiary, Elsewedy Power, had signed an agreement with the Ministry of Energy and Water in Angola to develop three power generation plants, as part of Angola’s fast-track programme and to be executed in 2016, which included the supply, installment, financing and maintenance of the power stations. However, the contract was pending authorities approval in Angola, which were successfully obtained on 20 May, which included: i) approval of the head of executive authority in Angola; ii) signing the contract by both parties; iii) submitting the letter of guarantee; and iv) approval of the specialised court. (Company disclosure)   Elsewedy Electric: EGP43.20 as of 22 May 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,087 million, SWDY EY / SWDY.CA