ICEC

Egypt’s Elsewedy unit to build electric grids in Mauritania

Egyptian cable maker El Sewedy Electric said on Wednesday its subsidiary El Sewedy Electric for Transmission has won two contracts to build electric grids in Mauritania at a cost worth $19.7 million.

The first contract covers building a 90-to-33-kilovolt network with $8.14 million in investments, and the second contract includes setting up 33-kilovolt girds for about 34 villages, Elsewedy added in a bourse filing.

Construction of the project is set to commence within 18 months from receiving an advanced payment and the location, the company indicated.

 Elsewedy Electric previously reported a 20.9 percent year-on-year decline in its consolidated profits during the first half of 2018, recording a net profit of 2.41 billion pounds from 3.05 billion pounds.

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