The Egyptian Electricity Holding Company’s (EEHC) General Assembly approved establishing four companies with a total capital of EGP 180b, reported Daily News Egypt. The new firms will operate under the umbrella of EEHC.

Three out of the four companies will be founded for each of Siemens’ new projects in Beni Suef, Borullus, and the New Administrative Capital,  each with EGP 40b in capital. The forth organization will process projects in Ataka, Mahmudiya, West Damietta, West Assiut, Hurghada, and Sharm El-Sheikh.

Sources with the Egyptian Ministry of Electricity and Renewable Energy stated that each company’s capital will be calculated according to its book value. The book values will contain the company’s assets and property which include the cost of construction and land, as well as costs of site preparation.

EEHC’s Chairperson will begin forming a board of directors for the four companies early December. Then assets will be transferred to establish administrative bodies for each company. Each of the four companies is planned to employ about 500 technicians and engineers.