Saudi’s EIC seeks to buy assets from CG Power liquidation
Saudi Arabia’s Electrical Industries Company (EIC) has begun negotiations to acquire the assets of Belgian transformer manufacturer CG Power.
CG Power declared bankruptcy back in January, and in April steps were taken to liquidate two of it’s subsidiaries, CG Power Solutions UK and CG Power & Industrial Solutions Middle East FZCO, Dubai UAE.
In a statement to Saudi stock exchange Tadawul, EIC said the assets of the Belgium-based company include machinery, equipment, inventory, software and intellectual property rights.
“The Board has also decided to establish a Limited Liability Co in Belgium to transfer the assets in case of concluding the purchase agreement,” the statement said. The technology will be transferred to EIC’s factories in Saudi Arabia.
EIC was established in 2005 with the merger of Waha Electric Supply Company of Saudi Arabia (WESCOSA) and Saudi Transformers Company (STC).
Photo (for illustrative purposes): Power poles / Willi Heidelbach / Pixabay / Free for commercial use