Elsewedy Electric to establish utilities JV with SCZone Authority

INVESTMENT WATCH- Elsewedy Electric to establish utilities JV with SCZone authority: Elsewedy Electric has signed a partnership agreement with the General Authority of the Suez Canal Economic Zone (SCZone) to set up the Economic Zone Utilities Company, Elsewedy said in a bourse filing (pdf). Elsewedy will own a 49% stake in the venture, which will have EGP 1 bn in capital. The JV will be responsible for designing, building and maintaining infrastructure projects in the economic zone. It will also update the zone’s utility master plan.