Elsewedy Electric Co. on Tuesday announced signing a partnership agreement with General Authority for Suez Canal Economic Zone to establish a new utility company with an issued capital of EGP 1 billion.
The new company will work on designing, establishing, operating, and maintaining infrastructure projects including electricity, water, sewage, natural gas, and waste management, the Egypt-based cable maker said in a statement to the Egyptian Exchange (EGX).
Additionally, the company will also update the utility master plan of Suez Canal Economic Zone as per the current and future needs.
Elsewedy Electric Co., the Arab world’s largest listed cable company, will own a 49% stake in the new entity company.
For the full-year 2018, the Cairo-based firm logged a profit of EGP 5.11 billion, compared to EGP 6.48 billion in 2017, including minority shareholders’ rights.