Cairo - Mubasher: Elsewedy Electric dismissed the news circulating it has signed an agreement with Redcon for Real Estate Development, to develop a mall.

Previous news reports claimed that Tarek EL Gamal Chairman of Redcon has signed partnership agreement with Elsewedy to develop mall in Fifth settlement-New Cairo, worth EGP 700 million.

Elsewedy reported net profits of EGP 805 million in the first half of 2015, up 249% from EGP 230 million a year earlier.