Cairo – Mubasher: A 51%-owned subsidiary of Elsewedy Electric Co has signed a contract with Starlight Developments to build Katameya Creeks project in New Cairo.
The contract is valued at EGP 1.46 billion, according to a bourse statement on Tuesday.
The project will be completed within 36 months from the contract signing date.
In the first nine months of 2020, Elsewedy Electric reported a 30.5% decline in its consolidated net profits to EGP 1.93 billion, compared to EGP 2.78 billion in the year-ago period, including minority shareholders’ rights.
