Electrical Industries completes Saudi Transformers acquisition deal

05/10/2017 Argaam

 

Electrical Industries Co. (EIC) said it has completed transferring CG Power Systems-Belgium stake in Saudi Transformers Co. Ltd., a subsidiary of EIC.

 

The Memorandum of Association has been amended and documented whereby Saudi Power Transformers Co. becomes a company wholly owned by Electrical Industries, the Saudi-listed company said in a bourse statement.

 


A technical support agreement was signed with CG Power Systems for 10 years, the statement added.


The financial impact of the transfer of stakes is expected to reflect in the fourth quarter of 2017.

 

In April, Electrical Industries had signed a binding offer with CG Power Systems-Belgium to buy its 49 percent stake in Saudi Transformers Co. Ltd., Argaam reported.

 

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