Cairo – Mubasher: Elsewedy Electric Co signed a sales and purchase agreement (SPA) to acquire a power transformer manufacturing company in East Asia.
The agreement is contingent on some terms and conditions related to this type of deals, the company said in a bourse disclosure on Tuesday.
The deal is not subject to the provisions of article no 44 of the rules of the listing and delisting of securities.
During the first nine months of 2020, Elsewedy Electric Co achieved net profits of EGP 1.93 billion, down from EGP 2.78 billion in the year-ago period, including minority shareholders’ rights.
