EL SEWEDY announces new plant in Ethiopia, eyes world markets

Wednesday, Oct 14, 2009

EL SEWEDY CABLES (SWDY), the largest Arab cable maker by market value, sent a release to Egyptian Stock Exchange concerning company establishment of new cable plant in Ethiopia.

Moreover, the company is aiming at increasing its market share in European, African and Arab countries by boosting its exports through group plants in KSA, Algeria, Yemen, Nigeria, Zambia, Ghana, Syria, Sudan, Qatar, Libya, Slovenia and Spain.

Ahmed El Homosany, company Investor Relations Manager, stated that EL SEWEDY has established two new plants in many countries in the last two years to improve productive capacity and said that the group is about to accommodate such capacity. 

El Homosany explained that the company is targeting sales increase in new countries to meet demands in these markets, adding that EL SEWEDY has no current or future plans to acquire controlling stakes in the Egyptian market.

“Production started in El Swedy Electric plant in Zambia which can produce 1200 transformers on annual basis,” he said, adding that group stake in the plant hit 60%.

 EL SEWEDY IRM also highlighted that trial operation of group plant in KSA has been commenced while the final inauguration will be by the end of current year.

 

Source: Arab Finance