The Ministry of Electricity and Renewable Energy has decided to stop importing  prepaid electricity meters for the coming period and to rely solely on local producers, according to Minster Mohamed Shaker speaking to Al Mal, where Elsewedy Electric (SWDY.CA)’s subsidiary is amongst the local suppliers. The Ministry’s decision aims to encourage local production, while avoiding FX sourcing. Additionally, the Ministry has asked local producers to increase their production capacity to meet the government’s plans, which include installing 4mn meters/annum, other than the 2mn meters that have already been installed, Shaker added. The government has already started replacing old meters in most public facilities, in order to preserve energy, and the government’s wider plan includes installing and replacing 40mn smart meters within the next 10 years. (Al Mal)   Elsewedy Electric: EGP47.60 as of 09 August 2016, Rating: Buy, FV: EGP57.30 per share, MCap: USD1,198mn, SWDY EY / SWDY.CA