United Transformers Electric Co., which is 85.5 percent owned by Bawan Co., has signed a SAR 225 million contract to supply electrical transformers to Saudi Electricity Co. (SEC), the parent company said in a statement to Tadawul.
In addition, another Bawan subsidiary United Technology of Electric Substations & Switchgears Co. (USSG), has inked an agreement worth SAR 177 million with SEC to supply power stations.
The deal, which is renewable and valid for one year, has been effective from August 16. The company will start supplying from the first quarter of 2016.
The financial impact of the deals will be reflected on Q1-2016 statements.
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