Cairo – Mubasher: Egytech Cables A1, a subsidiary of Elsewedy Electric Co, has signed an EGP 439 million contract with Egyptian Electricity Transmission Company (EETC) to supply and install ground cables.

Upon the deal, the company will supply and install 220-voltage ground cables and optical fibre cables at Zahraa El Maadi’s substation, Elsewedy Electric highlighted in a filing to the Egyptian Exchange (EGX) on Wednesday.

It is worth noting that the Egyptian cable maker holds a 99.98% stake in Egytech Cables.

On Sunday, the Arab world's largest listed cable company announced that two of its units had signed a deal with the Industrial Development Authority (IDA) to develop 4 million square metre land plots at a combined value of EGP 880 million.

Elsewedy Electric had reported a 7% year-on-year profit decline for the first quarter of 2018, recording EGP 1.4 billion from EGP 1.53 billion, including minority shareholders’ rights.