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 firstname.lastname@example.org; editing by Seban Scaria)
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