The Saudi Capital Market Authority approved Sunday a request by Electrical Industries Co to sell 30 percent, or 13.5 million shares, of the company in an initial public offering from November 11 to 17.
Electrical Industries (EIC) was established in 2005 as the result of merging Saudi Transformers Company (STC) and Wahah Electric Supply Company of Saudi Arabia (WESCOSA).
In 1976, WESCOSA was established as a joint venture between Westinghouse Electric Corporation of USA, which owned 60 percent of the shares, and Ali Zaid Al-Quraishi & Bors. Co. In 1988, Ali Zaid al-Quraishi bought off the company.
In 2005, WESCOSA merged with STC, forming Electrical Industries or EIC.
In 2010, Electrical Industries established Saudi Power Transformers Company LTD (SPTC) and CG Power Systems Saudi Arabia (CGPSSA)
Electrical Industries’ affiliate companies include: STC, WESCOSA, SPTC and CGPSSA.
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