Cairo – Mubasher: Elsewedy Electric Co announced that its subsidiary ElSewedy Electric for Trading and Distribution signed an agreement worth EGP 995 million with the Egyptian Electricity Transmission Company (EETC).

Under the deal, 170-kilometre overhead transmission lines will be constructed between Benban and Toshka, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

At a value of EGP 489 million, 500-kilovolt (kv) transmission line stretching 85 km will be implemented on a turnkey basis starting from Benban 3 over a period of eight months as of the date of the award order.

In addition, a 500-kv transmission line extending 85 km will be established with a value of EGP 506 million on a turnkey basis starting from the end of lot 5 Toshka 2 over a period of eight months as of the date of the order.

It is noteworthy that during the first nine months of 2019, Elsewedy Electric Co’s net profits plunged to EGP 2.78 billion from EGP 3.57 billion in the year-ago period, including minority shareholders’ rights.