Sunday, 9 May 2021

Elsewedy expands in South Asia

Elsewedy Electric has acquired two power transformer companies in Indonesia and Pakistan in transactions worth a combined USD 60 mn, the EGX-listed company said in a filing to the EGX (pdf) this morning.

Item 1: The company acquired 95% of PT CG Power Indonesia, a company that produces around 10k MW of electricity each year. It also builds electricity substations, manufactures transformers and provides maintenance services, and exports to at least five countries in the Asia-Pacific region.

Item 2: Elsewedy purchased 100% of Validus Engineering, a manufacturer of transformers based in Karachi, Pakistan.

Where the company stands now: The acquisitions will more than double Elsewedy’s annual production capacity to 30k MVA and increase its transformer factories to six.

The race for the hospital operator is heating up: Diagnostics outfit Nile Scan and the UAE’s Global One Healthcare Holding were the two latest bidders to join four others eyeing Abu Dhabi Commercial Bank’s (ADCB) 51.4% stake in medical firm Alexandria Medical Services, ADCB said in a filing to the EGX (pdf). Initial offers have valued the stake at between EGP 700-750 mn, and strong competition could increase the final price tag to closer to EGP 800 mn, Al Mal’s sources said, citing a PwC due diligence report. Final binding offers are expected to be submitted by the third week of May.

CATCH UP QUICK-

  • Diagnostics and healthcare firm Speed Medical is planning to increase the number of beds in New Al Safwa Specialized Hospital to 150 from 67 at a cost of EGP 75 mn, the company said in an EGX filing (pdf) this morning. The company recently acquired (pdf) a controlling stake in the Sixth of October-based facility through subsidiary Speed Hospitals.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt.