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Markets

Egypt stock market halts trading of el Sewedy Electric pending details on Tanzania dam deal

CAIRO: The Egyptian stock market on Wednesday halted trading of el Sewedy Electric pending details on reports of a deal

12 Dec 2018

CAIRO: The Egyptian stock market on Wednesday halted trading of el Sewedy Electric pending details on reports of a deal it had signed to participate in the construction of a $3 billion dam in Tanzania, the company said in a statement.

It said the stock market had requested the explanation following reports that had appeared online stating that "El Sewedy Electric signs a partnership with Arab Contractor Company to build a dam in Tanzania amounting $3 billion".

Copyright Reuters, 2018