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Wednesday, 14 September 2022

Elsewedy Electric opens second phase of industrial complex in Tanzania

Elsewedy Electric opens second phase of Tanzania industrial park: Elsewedy Electric opened a transformer factory in Tanzania yesterday, the company said in a statement (pdf) to the EGX, marking the second phase launch of its USD 50 mn Kigamboni industrial complex. The factory has an annual production capacity of 2.5k transformers. Elsewedy last year launched the industrial park with the start of operations at its USD 35 mn wires and cables factory. The industrial complex will eventually also host factories for meters and PVC and a logistics center.​​

Sawiris brothers inherit their late father’s OC shares: Some 12.9% (15 mn shares) of Orascom Construction (OC) that was owned by Onsi Sawiris Sr has been transferred to his three sons following the family patriarch’s death in June last year, OC said in a regulatory filing (pdf). Nassef and Naguib Sawiris each received 6.4 mn shares (5.5%), while Samih Sawiris received 2.1 mn shares (1.8%). The transfer means the Sawiris family continue to own some 51.8% of OC — Nassef Sawiris owns 34.5%, Samih Sawiris owns 11.8%, and Naguib Sawiris owns 5.5%.

Edita close to acquiring a new production line: Edita is in the final stages of acquiring an additional production line for its cake segment for around EGP 20 mn, it said in a disclosure (pdf) to the EGX yesterday. The company didn’t disclose the name of the company it’s negotiating with or the line’s production capacity.

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