Cairo – Mubasher: Elsewedy Electric Co has made a statement in line with the news published in El-Shorouk Newspaper earlier today claiming that Banque Misr is arranging a combined loan of EGP 5 billion for seven of the company’s subsidiaries to finance operations and working capital.
The EGX-listed company denied the news reports, according to a stock exchange statement on Sunday.
Elsewedy Electric is a leading fully integrated energy solutions provider in the MENA region. It owns more than 31 industrial buildings and operates in 48 countries worldwide.
Last month, ADI Capital, the investment banking arm of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt), arranged combined Islamic financing worth EGP 2 billion for Elsewedy Electric’s subsidiaries.
During the first half (H1) of 2022, Elsewedy Electric reported EGP 2.02 billion in its consolidated net profits after income tax, compared to EGP 1.74 billion in H1-21.
The company’s revenue stood at EGP 38.96 billion in the January-June period in 2022, a rise of 49.8% when compared to EGP 26.01 billion in the year-ago period.
