Electra Investment Holding made an offer to acquire 24.5% stake in El Sewedy Electric Company for EGP 23.60 billion on May 19, 2024. As of May 30, 2024, 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. 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 and Elsewedy Electric is required to provide a statement from its board within 15 days, evaluating the offer by Electra Investment. As of July 7, 2024, The Egyptian Exchange (EGX) announced extending the validity period for the acquisition offer the non-binding offer (NBO) for the acquisition of Elsewedy Electric Company by Electra Investment Holding to July 8, 2024.

Electra Investment Holding completed the acquisition of 19.98% stake in El Sewedy Electric Company for EGP million on July 9, 2024. 427,711,646 shares, representing 19.98% of the issued shares of Elsewedy Electric SAE have been tendered in favor of the VTO. The share transfer execution on the EGX is expected to be completed by Wednesday July 10, 2024, with settlement anticipated by no later than Monday July 15, 2024.