Egypt to get $50m cable plant

El Sewedy Cables will build a $50 million power transformer plant in Egypt, with production expected to start by April 2008, the company said today.

The Egyptian firm, one of the biggest cable manufacturers in the Middle East, said in a statement the plant would have an initial annual production capacity of 600 dry type transformers as well as 105 power transformers.

El Sewedy said production of dry type transformers at the plant would start by April 2008 and production of power transformers would begin in the first quarter of 2009.

The transformers would be produced under licence from Chinese transformer manufacturer TBEA.

El Sewedy said the new plant will enjoy a 10-year tax exemption from the start of production.

Last month El Sewedy bought Egyptian firm Al Wataniya, which had a 10-year tax exemption, for an undisclosed price to expand its power cable production.

El Sewedy has interests in Syria, Sudan and Zambia.

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