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Elsewedy Electric explores phosphoric acid plant in Egypt
- What: Industrial giant Elsewedy Electric (SWDY) is looking into setting up a phosphoric acid plant in Egypt, according to CEO “Ahmed Elsewedy” in an interview with Asharq.
- So What: The potential project comes as the company looks to diversify beyond its core focus on electricity and energy. It also signals growing interest in value-added phosphate industries, which are seeing strong global demand.
- Now What: Elsewedy said the company plans to conduct studies to assess phosphate reserves in the Sebaiya area of Aswan, as part of its broader move into mining.
- What: Industrial giant Elsewedy Electric (SWDY) is looking into setting up a phosphoric acid plant in Egypt, according to CEO “Ahmed Elsewedy” in an interview with Asharq.
Suez Canal Technology Settling profits jump 42% in 9 months
- What: Suez Canal Company for Technology Settling (SCTS) saw its net profits surge by around 42% year-on-year, hitting EGP 1.5 billion for the nine months ending in May.
- So What: Revenues topped EGP 2 billion, up from about EGP 1.6 billion during the same period last year, mainly thanks to strong investment returns, especially from a leasing agreement tied to October 6 University.
- Now What: The company is considering opening a branch or subsidiary in the UAE to promote October 6 University and help recruit and enroll students from the Emirates and the wider Gulf region.
- What: International Agricultural Products Co. (IFAP) has submitted documents to list 120 million rights issues, separate from the main stock, as part of a plan to raise its capital from EGP 760 million to EGP 1 billion, according to a bourse statement.
- So What: The move aims to strengthen the company’s financial position and help fund its expansion plans. Also, trading the rights separately gives shareholders more flexibility — they can buy or sell the rights without having to trade the actual stock.
- Now What: The capital increase will be covered through a cash subscription by existing shareholders, with the rights tradable on the market independently during the subscription period.
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