Cairo – Mubasher: United Metals Company (UMC), a subsidiary of Elsewedy Electric Company, has obtained a $50 million loan from the European Bank for Reconstruction and Development (EBRD).
The unit will use the investment to finance its working capital and import copper cathodes, a key input for the production of cables.
It is worth highlighting that the EGX-listed firm announced the financing in a bourse statement on 17 October 2023.
Last September, Elsewedy Electric and Orascom Construction denied reports claiming that they obtained a $200 million loan from the African Export-Import Bank.
In the first half (H1) of 2023, Elsewedy Electric recorded a 194.80% surge in consolidated net profit attributable to the shareholders to EGP 5.56 billion, compared to EGP 1.88 billion in H1-22.
