Arab Finance: UAE-based Electra Investment Holding has submitted an offer to the Financial Regulatory Authority (FRA) to acquire up to 24.5%, equivalent to 531.481 million shares, or at least 15% in Elsewedy Electric (SWDY) at $1.05 per share, as per a statement on May 19th.
The FRA is currently studying the offer, the statement read.
On May 12th, Elsewedy Electric announced that it is considering allocating EGP 5 billion as capital expenditures (CAPEX) in 2024 as part of the firm’s budget.