El Sewedy Electrometer Mulls Acquisition On State-owned Electricity Firm In Africa

El Sewedy Electrometer Egypt S.A.E announced Wednesday that it is considering to make an acquisition on a state-owned electricity firm located in one of the African countries. This comes in the framework of El Sewedy Electrometer’s plan to make further expansions in Africa and Europe within the coming period.

On the sidelines of Egypt Trade & Export Finance Conference (Exporta), Hazem Sherif – Corporate Treasury Manager of El Sewedy Electrometer – told Amwal Al Ghad that the firms owns business in a number of African countries mainly in Ethiopia, Ghana and Zambia. Sherif declined to talk about the details of the acquisition deal with one of the African state-owned electricity firm until the Group reached official agreement.

El Sewedy Electrometer targets making expansions in a number of African markets within the coming period as well as entering into a partnership with an investor so as to establish an electricity firm in Europe, Sherif added.

Sherif also stated that El Sewedy Electrometer will hold talks with a number of banks within the coming period so as to obtain for the purpose for financing the firm’s future expansion plans.