Cairo – Mubasher: UAE’s Electra Investment Holding has submitted an offer to acquire up to 24.50% of Elsewedy Electric Company.

Under the offer submitted to the Financial Regulatory Authority (FRA), Electra Investment seeks to buy around 531.48 million shares in Elsewedy Electric for $1.05 per share, according to a bourse filing.

The FRA stated that it is currently reviewing the offer.

It is worth noting that Elsewedy Electric logged an 86.70% annual surge in consolidated net profit after minority interest to EGP 10.11 billion from EGP 5.41 billion the year before.