One of Egypt’s largest electric company, Elsewedy Electric has successfully made a strategic entry into the Indonesian energy sector. The company is said to have bought 95 percent stake in CG Power Systems Indonesia. The exact value of purchase is however, unknown.
Hany Gamal, the managing director of Elsewedy Electric Indonesia, stated the organisation believes Elsewedy Electric and CG Power Systems Indonesia will help boost unique product portfolio in the nation as the two can complement each other almost perfectly. Additionally, Gamal confirmed that the company’s key strategy is to invest more in Indonesia.
Currently, the Egyptian electric company has control over 27 manufacturing facilities in 15 countries, generating 46.4 billion Egyptian pounds in revenue and net income of 3.0 billion Egyptian pounds in 2020.