El Sewedy Cables to build plant in Nigeria
Thursday, Jul 23, 2009
El Sewedy Cables will build a $25 million electric transformer plant in Nigeria, Egypt's stock exchange said on Wednesday.
The Nigerian state of Lagos would own a 5.26 percent stake in the plant, according to a statement from the stock exchange.
El Sewedy, the largest Arab cable maker by market value, said in April it expected 2009 net profit to rise 10 percent as it derives more revenue from non-cable operations.
Brokerage EFG-Hermes said in a research note the plant would have a small impact on its forecasts and valuations of the company.
El Sewedy Cables shares were down 0.4 percent lower at 69.01 Egyptian pounds by 0910 GMT.
Source: Reuters
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