October 13, 2009 / 10:03 AM / 8 years ago

Sewedy Cables starts production in Ethiopia

CAIRO, Oct 13 (Reuters) - Egyptian El Sewedy Cables (SWDY.CA) said on Tuesday it had started production at its power cables plant in Addis Ababa, with an annual capacity of 10,000 tonnes of copper and aluminium.

Total investment for the construction of the plant totaled $36 million, and was 40 percent financed through equity. The remainder was financed through medium-term debt facilities raised in Ethiopia, El Sewedy said in a statement.

    The company owns 85.7 percent of the new facility while its partner, Dynamic General Trading, owns the balance.

    El Sewedy, the largest Arab cable maker by market value, posted a 30 percent drop in first-half net profit to 369 million Egyptian pounds ($67 million) as volumes grew but prices slipped. The firm said in July it would build a $25 million electric transformer plant in Nigeria. (Reporting by Sherine El Madany; Editing by Dan Lalor)

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