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Elsewedy Electric completes acquisition of International Cables for EGP 410m

Elsewedy Electric completes acquisition of International Cables for EGP 410m
The acquisition deal was closed on 13 September
Elsewedy Electric
SWDY
-1.50% 8.52 -0.13

Cairo – Mubasher: Elsewedy Electric Co has completed the acquisition of International Cables Company, according to a bourse disclosure on Tuesday. 

The ownership of the shares has been transferred and the EGP 410 million deal was closed on Monday, 13 September. 

In July, Elsewedy Electric Co signed a share purchase agreement (SPA) to acquire 99.25% of the shares of International Cables Company. 

In the first half (H1) of 2021, Elsewedy Electric Co reported consolidated net profits of EGP 1.74 billion, compared to EGP 1.025 billion in H1-20, including minority shareholders' rights.