EIC, Bawan units pen $45.23mln deals with Saudi Electricity Company

The signed deals will mature on 31 March 2022

  
Image used for illustrative purpose. A vehicle drives past workers near power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

Image used for illustrative purpose. A vehicle drives past workers near power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

REUTERS/Fahad Shadeed
Riyadh – WESCOSA and the Saudi Transformers Company (STC), subsidiaries of Electrical Industries Company (EIC), signed agreements to supply Saudi Electricity Company (SEC) with electrical equipment.

The total value of the deals, which are binding only to EIC, is SAR 84 million approximately, according to a bourse filing on Thursday.

In a separate statement, Bawan Company said its 85.5%-owned subsidiary, United Transformers Electric Company, signed an agreement to supply electrical distribution transformers to SEC for SAR 82.4 million.

The signed deals will mature on 31 March 2022 and are expected to reflect positively on the companies’ financial results.

Source: Mubasher

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