Elsewedy Electric’s unit signs $18.4m project in Kuwait

Sewedy Electric Engineering and Trade, a subsidary of El Sewedy Electric Co, has signed a KWD 5.5 million ($18.4 million) to implement a lighting system in Kuwait.

Upon the contract, Sewedy Electric Engineering, in which Elsewedy Electric holds a 49% stake, will upgrade and install lighting systems in the streets of the wealthy Gulf state, in addition to managing the central lighting power, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The project is set to be carried out 24 months, and construction is expected to commence in March 2018, the company indicated.

Elsewedy Electric’s capital amounts to 2.18 billion Egyptian pounds distributed over 218.4 million shares at a par value of EGP 10 per share.