Electrical Industries signs SAR 20.6 mln deal with related party to supply transformers

21/08/2023 Argaam

Electrical Industries signs SAR 20.6 mln deal with related party to supply transformers

Logo of Electrical Industries Co.

Electrical Industries Co. (EIC) stated that its subsidiary, Saudi Power Transformers Co. Ltd. (SPTC), signed on Aug. 20 a contract with Al Toukhi Company for Industry, Trading & Contracting (a related party) to design, manufacture and supply transformers.

 

According to a statement on Tadawul, the 12-month contract is valued at SAR 20.6 million (including VAT).

 

The contract is expected to have a positive impact on the company's financial results for 2024.

 

The statement noted that Al Toukhi’s Vice Chairman, Mahmoud Al Toukhi, has indirect interest, affirming the contract is within the normal course of business and does not grant any preferential benefits. 

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