El Sewedy Electric unit in $484.5 mln Angola power stations deal

Reuters
Two cooling towers and pressurized water reactors of the nuclear power plant of French supplier Electricite de France (EDF) are pictured in Cattenom, eastern France, January 27, 2016. Picture taken January 27, 2016. REUTERS/Wolfgang Rattay

CAIRO (Reuters) - A subsidiary of El Sewedy Electric has signed a $484.5 million contract to build three power stations in Angola but the deal is "not yet in effect", the Egyptian firm said in a bourse statement on Wednesday. The contract between subsidiary El Sewedy Power and the Angolan government is subject to approval by Angola's president and a specialised court, it said. "The contract involves supplying, building, operating, financing and maintaining the stations. The project will be done during 2016 but the contract is not yet in effect and is suspended on certain conditions, including the president's approval," it said. (Reporting by Asma Alsharif; editing by Jason Neely)