Egypt’s Elsewedy unit to build electric grids in Mauritania

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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.