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Egypt's Sewedy awaits decision on $300m Ethiopian investments

Cable maker says the wind power proposals it presented to the Ethiopian government 18 months ago are still being examined, contrary to press report

Reuters, Wednesday 21 Sep 2011
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Egyptian cable maker El Sewedy Electric said on Wednesday proposals it had made to the Ethiopian government about investing $300 million in wind power were still under study after a newspaper said the project was already being executed.

The firm said in a statement to the stock exchange that the proposals had been presented to Ethiopia's government 18 months ago but were still being examined.

The daily Al-Mal had on Wednesday reported that the company was already executing projects in the African state worth $300 million.

Sewedy, which has production plants in Egypt and 10 other countries, also makes wind farm equipment.

The firm's shares closed up 3.75 per cent on Wednesday, compared to a 0.7 per cent fall in the benchmark index .  

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