Arab News, Sunday, Apr 18, 2021 | Ramadan 6, 1442
Saudi Arabia’s EIC buys assets from bust Belgian power firm
Saudi Arabia:
Saudi Arabia's Electrical Industries Company has agreed to buy some assets of CG
Power Belgium from its liquidator for about €5 million.
The assets include machinery, equipment, inventory and software for designing
transformers and mobile substations, the Dammam-based company said in a stock
exchange filing on Sunday.
It also revealed it was in the final process of establishing a unit in Belgium
to hold the newly acquired assets.
Electrical Industries Company (EIC) is a holding company that provides
electrical products and services in Saudi Arabia and the Middle East.
It owns Saudi Transformers Co, popularly known as STC and Wahah Electric Supply
Company of Saudi Arabia, also known as WESCOSA.