Elsewedy Electric denies signing EGP 1.8bn intelligent transportation contract

Cairo – Mubasher: Elsewedy Electric Co denied news reports that it has signed a contract to implement intelligent transportation systems (ITS) on six roads in Egypt with the first phase having an investment cost of EGP 1.8 billion.

The company affirmed that the final value of the contract has not been determined yet, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

It is noteworthy that during the first nine months of 2019, Elsewedy Electric Co logged a net profit of EGP 2.78 billion, compared to EGP 3.57 billion in the year-ago period, including minority shareholders’ rights.

Mubasher Contribution Time: 03-Dec-2019 14:17 (GMT)
Mubasher Last Update Time: 03-Dec-2019 14:17 (GMT)