Arab Finance: The Financial Regulatory Authority (FRA) has given the green light for Emirati company Electra Investment Holding to proceed with acquiring a 24.5% stake in of El Sewedy Electric, as per a disclosure on May 30^th.

The deal, valued at approximately $558.432 million, will see Electra Investment purchasing up to 531.84 shares in Elsewedy Electric at $1.05 per share.

Elsewedy Electric is required to provide a statement from its board within 15 days, evaluating the offer by Electra Investment, as per a separate statement.

Additionally, the FRA has mandated the company’s board to appoint an independent financial advisor to assess the fair value of the company's shares, with the report due before the offer expires.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.

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