EL Sewedy Electric Zambia Limited has presented a dividend cheque of $2 million to ZESCO Limited and $3 million to its parent company El Sewedy Electric.
El Sewedy Electric Zambia Limited is a subsidiary of ZESCO Limited in which ZESCO Limited holds 40 percent shares and El Sewedy Electric holds 60 percent shares.
Speaking during the presentation of the dividend, Wednesday, ZESCO managing director Victor Mapani said this showed gravitation towards enhanced development and inter-corporation between El Sewedy and Zambia and, El Sewedy and Zesco.
At the same event, El Sewedy president Ahmed Elsewedy revealed that the company planned on increasing its investments in Zambia.
“We do believe that this shows gravitation towards enhancement of the development and inter-corporation between El Sewedy and Zambia and El Sewedy and Zesco. Today marks the first of its kind in the journey between El Sewedy and Zesco in this corporation that after inception from 2009, today we do have the declaration of dividends to the shareholders. This is a huge step. I think it deserves to be acknowledged,” Mapani said.
He said the partnership between Zesco and El Sewedy had created sustainable jobs.
The partnership between Zesco and El Sewedy has created sustainable employment. We have had people employed. I think the numbers have been increasing from the time that we started in 2009 from a minimal number gravitating towards now almost hundred permanent employees working at El Sewedy. This also is a good sign that we are moving ahead. We have an understanding between Zesco and El Sewedy that we are going to expand this portfolio and hope that we can even get our products better priced, also better quality. Currently, there have been no complaints so far from the products made from El Sewedy electric Zambia. The quality has been good and has been very supportive to our growth as a company,” Mapani said.
He commended the company for declaring its first dividend despite being hit by the covid pandemic.
“In these difficult times, I think there was a huge gap between 2020 with the covid pandemic hitting El Sewedy electric. The company still came through to just have a turn of that phase of the pandemic coming up with the profit and even declaring dividends to this company. This is a very good sign that there is good will from El Sewedy and indeed also from ZESCO to continue in this partnership,” said Mapani.
At the same event, El Sewedy president Ahmed Elsewedy revealed that the company planned on increasing its investments in Zambia.
“We are honoured to be in Zambia for over 12 years now investing, working in electric poles, meters, transformers, transmission lines – we are grateful to be here. Whenever I come to Zambia, I feel at home, very beautiful place, people are very nice, very friendly with us. We are really grateful and we would love to even invest more and more either in solar generation. We are very open to invest more in manufacturing and even in construction, energy, digital technology because technology and digital now it is everywhere and governments now transferring to digital and this is one of our main jobs. We would also love to invest in other sectors. Thank you for giving us the opportunity to be in Zambia to invest in Zambia and we promise that we will invest more and more,” said Elsewedy.
