Egypt's Sewedy says buys stake in insulator firm

CAIRO, July 31 (Reuters) - El Sewedy Cables (SWDY.CA), the largest Arab electrical equipment maker by market value, said on Thursday it had bought 70 percent of a company that produces electrical porcelain insulators.

Sewedy did not say in a statement how much it paid for the stake in The Egyptian Company for Manufacturing Electrical Insulators (ECMEI).

Company officials could not immediately give further details.

Sewedy said it planned to increase ECMEI's capacity to 7,000 tonnes of insulators per year from 3,000, without giving a timeframe.

It said ECMEI's revenue should reach 102 million Egyptian pounds by 2011 ($19 million), without giving a comparative figure.

Sewedy had said in June it was in negotiations to buy 51.2 percent of ECMEI. ($1 = 5.31 Egyptian pounds) (Writing by Will Rasmussen; Editing by Sue Thomas)