Saudi's EIC in final stages of setting up Belgian company

The electrical company is to establish PAUWELS Transformers Co after it bought up the assets of the liquidated CG Power Belgium

  
Image used for illustrative purpose. A general view of power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

Image used for illustrative purpose. A general view of power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

REUTERS/Fahad Shadeed

Saudi Arabia’s Electrical Industries Co (EIC) is in the final stages of establishing a new company in Belgium, following the acquisition of the assets of a liquidated Belgian transformer company.

In a statement to the Saudi Stock Exchange (Tadawul), EIC said that it had closed an assets purchase agreement with CG Power Belgium worth €5.044 million ($6.044 million).

The statement said the company was in the final stages of establishing a new company, PAUWELS Transformers Co, to which it will transfer assets from CG Power Belgium.

The deal will be funded by EIC’s own resources as well as available facilities from banks, the statement said.

EIC first announced it was in negotiations to acquire the assets of CG Power in August last year.

(Writing by Imogen Lillywhite imogen.lillywhite@refinitiv.com; editing by Seban Scaria)

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