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 .