Electrical Industries Co. (EIC) has started completing the paperwork required for liquidating affiliate, CG Power Systems Saudi Arabia.
CG Power has SAR 11.25 million in capital, EIC said in a statement on Sunday. The company is 49 percent-owned by EIC and 51 percent owned by CG Holdings.
The partners agreed to liquidate the unit as its operations were suspended on accumulated losses.
The liquidation process is unlikely to impact the company's financial results, the statement added.
Be the first to comment