Saudi's EIC aims to buy assets of liquidated Belgian transformer company

The electrical product manufacturer will establish an LLC in Belgium to transfer GC Power's assets

  
Image used for illustrative purpose. Electricity pylons stand near a wind turbine park on September 19, 2019 near Krebitz, Germany.

Image used for illustrative purpose. Electricity pylons stand near a wind turbine park on September 19, 2019 near Krebitz, Germany.

Gettyimages

Saudi Arabia’s Electrical Industries Company (EIC) is in negotiations to acquire the assets of CG Power, a leading designer and manufacturer of electrical transformers based in Belgium, which has been in liquidation since January.

In a statement to Saudi stock exchange Tadawul, EIC said the assets of the Belgium-based company include machinery, equipment, inventory, software and intellectual property rights.

“The Board has also decided to establish a Limited Liability Co in Belgium to transfer the assets in case of concluding the purchase agreement,” the statement said. The technology will be transferred to EIC’s factories in Saudi Arabia.

EIC was established in 2005 with the merger of Waha Electric Supply Company of Saudi Arabia (WESCOSA) and Saudi Transformers Company (STC).

(Writing by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020

More From Energy