Cairo - Mubasher: Elsewedy Electric Co signed a share purchase agreement (SPA) for 99.25% of the shares of International Cables Company. 

The EGP 410 million agreement is conditional on the satisfaction of certain terms and conditions related to this kind of deals, the company said in a statement to the Egyptian Exchange (EGX) on Sunday. 

In the first quarter (Q1) of 2021, Elsewedy Electric Co. reported consolidated net profits of EGP 769.49 million, up from EGP 463.69 million in the year-ago period, including minority shareholders' rights.